Word: greenback
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...prevent a further fall in the value of the greenback, the U.S. Government, in close cooperation with leading foreign central banks, should step in and buy large quantities of dollars on world markets. This would require assembling a vast war chest of funds to show currency speculators that Washington has the money to back up that policy. Two fast and impressive steps would be increasing sales from the nation's $60 billion gold reserves, as former Federal Reserve Chairman Arthur Burns suggests, and enlarging the so-called swap network of dollar defense funds from $25 billion to $100 billion...
...hasty retreat?"chuckling in amazement," says a shopkeeper on Tokyo's Ginza. Says a veteran tourist who is staying at Tokyo's Imperial Hotel, where the cheapest room for two is $80 a night: "It's just plain scandalous. I never thought I'd see the day when the greenback would turn into Mickey Mouse money. It really hurts my pride as an American...
...foreign visitors flocking to the bargain-filled U.S. They are destined to become a familiar part of the American landscape: buying, bargaining, hitchhiking, backpacking, snapping pictures, sampling strange food and occasionally getting ripped off by predators who know they carry a lot of dollars, however devalued. The ailing greenback has at least made America less of a mystery to the rest of the world...
Later, the Administration tried to make it clear that it was serious. In background sessions with newsmen, Administration spokesmen outlined a three-pronged program. First, they said, the Federal Reserve Board would be taking steps, in concert with other central banks, to strengthen the greenback, and had already been moving "more actively" in buying dollars to prop up their price. Second, the Administration would step up efforts to get Congress to pass Carter's energy program, which would reduce oil imports and thus stem the drain of dollars out of the U.S. Indeed, Carter personally lobbied House members...
...will improve the fireproofing of buildings-without saying what it will do to put out the four-alarm blaze that is raging right now. And if the dollar's fall is not stopped, the U.S. and world economies will be in mounting danger. The cheapening of the greenback may add ¼% to 1½% to this year's U.S. inflation rate. It both raises the costs of imports, which are now about equal to 10% of the gross national product, and moves American manufacturers to increase prices on goods that compete against imports...