Word: greenback
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Dates: during 1980-1989
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...Gerhard Stoltenberg, eased slightly, aided by an announcement from the German central bank that it would cut two of its less important interest rates. If Bonn were to follow up * on that step and reduce its prime interest rates, there would be less pressure on the dollar. Reason: the greenback has been declining because U.S. interest rates have lately been falling in comparison with those of West Germany and other countries. Moreover, lower interest rates could stimulate Germany's appetite for American products and thus help reduce the troublesome U.S. trade deficit...
...greenback must continue to fall, say many economists and now the Administration, if the U.S. is to curb its ruinous trade deficit. But no one can argue that such a strategy offers a simple and painless cure for America's economic ills. On the contrary, the perils are enormous and the effectiveness is uncertain. The immediate challenge for the Federal Reserve and the U.S. Treasury is to control the dollar's descent -- no easy feat -- and prevent a free fall, which would scare off foreign investors, drive up U.S. interest rates and perhaps cause another panic on Wall Street...
...declining dollar, down in value by about 8% against major currencies so far this year, poses the greatest threat to such hopeful scenarios. The weakened greenback has contributed to an increase in inflation, since a falling dollar tends to drive up import prices. But most economists predict that consumer prices will rise this year by no more than 5%. Says University of Minnesota Professor Walter Heller: "I don't think the elements are there for inflation to feed on itself." Still, skittishness about inflation last week led to a dramatic spurt in the bellwether Commodity Research Bureau Index, as investors...
...wizened and near blind old man. He eagerly accepted it and carefully counted the change in Cuban centavos. Moments later, a policeman, obviously summoned by the crowd, was glaring sternly at the vendor. Dollar transactions are not allowed in Cuba, an onlooker explained. The old man ruefully handed the greenback to the visitor...
...dollar's continuing plunge created turmoil in U.S. financial markets. As fears mounted that the greenback's weakness would boost inflation, bond prices dropped and interest rates climbed. The rate on 30-year Treasury bonds, for example, reached a 14-month high of 8.18%. The Dow Jones average of 30 industrial stocks closed at 2338.78, down 51.56 points for the week...