Word: greenback
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Dates: during 1980-1989
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...small portion of transactions. Tourists are generally asked to pay in foreign currency for lodging, transit and food. And as Soviet citizens know painfully well, the ruble is virtually worthless in the domestic economy. Moscow cabbies speed past hapless hailers unless they hold up something more enticing: a greenback or a pack of Marlboro cigarettes...
...early this summer, the finance ministers of the seven leading industrial countries have seemed almost powerless to tame the surging U.S. dollar. They agreed the currency was too high and, in the long run, threatened to aggravate the U.S. trade deficit. But their desultory attempts to push down the greenback prompted suspicion that the G-7 group had lost its clout. Last week the finance ministers made a concerted effort to bring the dollar down by intervening in the currency markets. The U.S. currency fell nearly 5% against the yen and about 4% against the deutsche mark by week...
There it went again: up, up and away. As fidgety governments struggled with little success to halt the trend, the U.S. dollar took off last week on the sharpest rally since it surged to record heights against major currencies in 1985. The frenzied rise -- which brought the greenback's gain against the West German mark and the Japanese yen to 12.5% so far this year -- raised disturbing doubts about the ability of the U.S. and its major trading partners to keep exchange rates under control. "This is a runaway freight train," said Jay Goldinger, a Los Angeles-based trader. "Anyone...
Half of TIME's forecasters anticipate that the dollar will rise in value, and half expect the greenback to fall this year. The median prediction is for a decline from the current level of 125 yen to about 121. Estimates for the end of 1989 range from Kudlow's prediction of a robust 142-yen dollar to Wilson's forecast of a weakling 110-yen version. Says Wilson: "The biggest danger I see for the economy next year is a free-falling dollar...
BCCI denies any pervasive corruption. U.S. Customs officials, though, say the bank laundered $14 million in narcotics funds for its undercover agents and considerably more for real criminals. They allege that BCCI was a greenback laundry for the Medellin cartel, the ruthless Colombian mob controlled in part by Pablo Escobar Gaviria and Jorge Luis Ochoa Vasquez that supplies most of the cocaine entering...