Word: greenbacked
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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...
...jump in the discount rate did give a short-term boost to the dollar. In one day, the value of the greenback jumped from 1.90 West German marks to 1.92, its highest level in 18 months. But by week's end foreign-exchange traders sold dollars and drove the value of the currency back down. They calculated that U.S. trading partners might intervene to prevent the U.S. currency from rising...
Since Mayer's last outing, a robust greenback has grown anemic, the U.S. has become the world's largest debtor, and the stock market dropped more than 500 points in one day, symbolically if not literally ending the avaricious '80s. Mayer patiently brings the reader up to speed on the intricacies of trading stocks, bonds, commodities and imaginative financial instruments with names like STRIPS, zero-coupon bonds and "Heaven & Hell" warrants...