Word: greenbacker
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...Treasury has fretted for years about a generation of office copiers now being developed that will reproduce colors much more accurately than current models do. These new machines, officials believe, could lead to widespread counterfeiting, even by amateur crooks. As a result, the Treasury said last week, the U.S. greenback is undergoing its first major design change since...
...lenders agreed to grant Mexico an emergency six-month extension on nearly $1 billion of IOUs. While those events unfolded, the sharp impact of another new Washington strategy was being felt around the world. Spurred by a U.S. commitment to reduce the foreign exchange value of the dollar, the greenback tumbled last week to its lowest level in several years against other major currencies...
...James Baker and finance ministers and central bank governors of Britain, France, West Germany and Japan appeared before TV cameras with a major announcement. "Orderly appreciation of the main nondollar currencies against the dollar is desirable," said the five, and they "stand ready to encourage this." Blunt translation: the greenback is grossly overvalued in terms of how many pounds, francs, deutsche marks and yen money traders will exchange for it, and the five intend to cut the buck down to a more realistic size, obviously by selling dollars to drive down the price, though the five...
There was no need; money traders got the message. As soon as the exchange markets opened Monday morning, private dollar sales began and continued in such heavy volume that American greenbacks fell about 5% against major currencies that day alone. For the rest of the week, though, the dollar drifted down slowly enough, despite actual, coordinated sales by the five governments, to leave the long-range impact of the devaluation drive in doubt. Money traders believe the five governments have specifically targeted the dollar-yen exchange rate; the yen gained 8.8% last week against the greenback...
Though they deny it, Reagan and his Administration have already changed policy sharply on the dollar. The President long viewed the greenback's strength as a source of pride, a testament to the robustness of the U.S. economy and the eagerness of foreigners to swap their own currencies for dollars to be poured into American investments. The reputation of the U.S. as a "safe haven" for investments that will not be ravaged by inflation or undercut by leftist politicians certainly has been a factor in the dollar's rise, but most economists outside the Administration give far greater weight...