Word: greenbacker
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Since it opened on Memorial Day weekend, Resorts International's casino in Atlantic City, has been a greenback gusher, grossing $119.3 million-a take bigger than that of any Nevada gambling house. But last week it seemed as if the well might run dry. New Jersey Attorney General John Degnan issued a 115-page report urging that Resorts be denied a permanent gambling license when its temporary permit expires...
...President Carter, despite the 20-year difference in their ages. Fukuda at least appeared to understand American irritation over the imbalance in trade between the two countries that has been one main cause of the dollar's tribulations. Ohira intends to continue and even increase support for the greenback (see box). But because Ohira, as chief Cabinet secretary to Premier Hayato Ikeda in 1960, was an architect of Japan's spectacularly successful drive to make Japan an exporting juggernaut, Washington is uncertain about how eager he will be to trim those exports at a time when Japan...
What the Saudis could do, however, is put a growing share of their monthly income from oil sales-and/or part of the interest from their present greenback holdings-into nondollar investments. So far, they have not shifted enough to hurt the dollar, though at times they have been tempted. At the height of the dollar-selling panic last month, stories floated around the currency exchanges that the Saudis were considering heavier nondollar investments. Then Jimmy Carter announced his Nov. 1 save-the-dollar program of price-bolstering purchases and high interest rates, and the reassured Saudis rushed to help...
...long awaited and much battered energy and tax-cut bills, and by the President's Stage II anti-inflation program of wage-price guidelines. After all, money traders, finance ministers and central bankers agreed that the long decline had caused the dollar to be grossly undervalued. The greenback will now buy more coffee, clothes, steel or whatever when spent as a dollar in the U.S. than it will when converted into foreign currencies and spent overseas...
These huge imbalances not only cost American workers jobs and help fan U.S. inflation but have also contributed mightily to the weakening of the dollar. In theory, the 40% fall of the greenback against the yen over the past two years should have helped correct the U.S.-Japanese trade imbalance. This would happen if Japanese exports became more expensive and therefore less attractive to American buyers, thus cutting the cost of U.S. exports to Japan. To some extent, this has happened. For instance, Toyota's U.S. sales fell almost 8% in the first nine months of 1978, partly because...