Word: greenbacker
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When the sharp decline of the dollar began eight months ago, most Americans figured that the only major victims would be tourists: they would need more dollars to buy foreign trinkets. Now the greenback's sickness is infecting all Americans. Foreign sellers are increasing their prices to Compensate for the dollar's fall, and some U.S. manufacturers of competitive products have felt freer to follow through with price rises of their...
...chief of France's largest private bank. Such was the curt reaction in money centers last week to a widely ballyhooed U.S.-West German agreement that will give Washington more ammunition, in the form of borrowed deutsche marks, to use in defending the battered dollar. But unfortunately, the greenback fell once again in all major currency markets...
Five years have now passed since the world's major industrial nations abandoned fixed exchange rates for the dollar, and the warnings of Cassandras that the end result could be global currency chaos seem uncomfortably close to coming true. Scarcely a week goes by without the once mighty greenback reeling from a fresh thrashing on the money markets; and when it does steady, as it did in Europe last week (see ECONOMY & BUSINESS), no one can trust the stability to last. Though the effects of this beating remain of only peripheral concern to most Americans-unless they travel abroad...
Considering the behavior of currency markets since December, last week had to be counted as one of the dollar's best. After hitting new lows with monotonous regularity, the greenback suddenly rose against the superstrong West German and Swiss currencies, reaching 2.05 deutsche marks and 2.0 Swiss francs, v. lows of 1.98 and 1.75 two weeks ago. The rise accelerated at week's end after President Carter announced that U.S. and German officials have been conferring by telephone about concrete new plans for strengthening the dollar; Carter himself chatted with West German Chancellor Helmut Schmidt for 15 minutes...
...breathing space between dollar crises used to be measured in years, but now it has been cut back to weeks. If last December's tumultuous plunge of the greenback was the worst since the currency upheavals of 1973, its place in the recordbooks was short-lived indeed. Last week the dollar bears were again on the prowl, clawing the bleeding buck to new and worrisome lows against the Japanese yen and nearly all the major trading currencies of Europe...