Word: greenbacker
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Inflation has spread a financial virus of unwanted dollars to the economies of the nation's trading partners, turning the once mighty greenback into the sick man of international finance. Since 1970, some $650 billion has piled up in so-called Eurodollar accounts in banks overseas, and the threat is ever present that holders might stampede to sell their dollars. Since 1971, minipanics have led to the collapse of worldwide fixed exchange rates against the dollar, the slide of the dollar against gold and other precious metals, and the progressive disintegration of global confidence in the dollar itself...
...dollar. At the cartel's June meeting, which lifted average crude costs by 42%, to about $20 per bbl., even so-called moderate members warned that a 5% drop in the dollar's value could easily provoke another round of increases. In the past month the greenback has slumped by almost that much against strong foreign currencies, and several OPEC states are calling for an emergency meeting on prices as early as September in Vienna-well ahead of the next officially scheduled conference in December...
While gold is psychologically important, the fate of the dollar is far more vital to the U.S.−and the rest of the non-Communist countries, which use the greenback to settle most international trade deals. Even before Carter's actions last week, the dollar had been slipping, as some financially important countries, including Saudi Arabia, sold American currency from their monetary reserves in exchange for West German marks and British pounds...
...rise in precious metals is also powered by a lack of supply. The U.S. Government sells gold to support the dollar; but since the greenback has strengthened this year, traders figure that Washington might call off its gold auctions. Last month the Treasury cut its monthly offerings in half to 750,000 ounces, and the International Monetary Fund has reduced its monthly sales slightly, to 444,000 ounces. "Combine those two, and you take out almost 20% of supply," says a U.S. gold analyst.Soviets, who earned $2.6 billion the sale of 13.8 million ounces of gold through the Wozchod Bank...
...with a hefty dinner bill, an expired Visa card and a waiter demanding extra identification for an out-of-state bank check. Blumenthal solved his predicament uniquely: producing a dollar bill, he invited the waiter to match the check signature against the neat W M Blumenthal inscribed on the greenback's lower right-hand corner...