Word: greenbacked
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...other options, though. President Nixon emphatically declared that "there will not be another devaluation" of the dollar, adding that U.S. currency is basically "sound" and that "we will survive" the crisis. Moreover, a third dollar devaluation would probably aggravate rather than calm speculation by destroying whatever faith in the greenback is left among the people who hold the $70 billion that U.S. balance of payments deficits have spilled out abroad. Government controls on capital movements limit international economic freedom, and have not worked anyway. And something must be done to stop the dollar pandemonium...
...York's Morgan Guaranty Trust Co. calculates that the latest devaluation has shaved an average 6.5% off the price of the greenback relative to the money of 14 major U.S. trading partners. Taking into account the December 1971 devaluation as well, the dollar is now worth an average 17.1% less against these currencies. The question is whether that decline will make U.S. exports cheap enough for foreign buyers, and imports expensive enough for American consumers, to bring U.S. international trade closer to balance -and whether the still nervous exchange markets will give the devaluation the necessary time to begin...
Last week, sensing a possible Japanese revaluation, European money dealers exchanged massive amounts of dollars for the yen, driving it above its official limits in relation to the greenback. Thus foreign moneymen, and even some Japanese, continue to think that revaluation is inevitable...
...unhitching of the dollar from gold. Mistakenly viewed by European speculators as an official hint of policy change, the report led to panicky selling of dollars on money markets. Nine days later, Nixon was forced to halt the outflow of billions of dollars from the U.S. by floating the greenback against other currencies. Reuss has no regrets: "The markets were in turmoil already, and I simply stated that the emperor had no clothes." Then Reuss put his knowledge of economics to work and lined up congres sional backing for formal devaluation...
...Greenback Dollars...