Word: greenbackism
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...determinist would not be surprised that the victors were the candidates with a built-in fund-raising advantage. But in hindsight it is striking that the overstuffed larders of Bush and Dukakis never became campaign issues. The Vice President, in fact, only narrowly edged Dole and Robertson in the greenback derby; the difference was that Bush husbanded his cash far more effectively. Dukakis cleverly deployed a ; bogus PAC-man issue to keep his underfunded rivals on the defensive. Political-action-committee funding may be a problem in congressional races, yet it was a minor factor in the 1988 primaries...
...only major countries not participating in the upsurge of tourist traffic to the U.S. are Canada and Mexico. The Canadian dollar has not gained nearly as much ground against the U.S. dollar as the European and Japanese currencies have, and the peso has fallen 45% against the greenback in the past year...
...figures, however, make the Japanese look considerably more openhanded than they actually are. Tokyo's growing generosity is largely a function of the yen's almost twofold appreciation against the greenback since 1985. According to the OECD, Tokyo's aid level in 1986 increased 48.4% in dollar terms but only 4.8% in Japanese currency. Moreover, Japanese development assistance has traditionally included a higher percentage of loans, as opposed to outright grants, than...
...matter how far the greenback falls, the U.S. economy does not have the industrial capacity to raise exports sharply and also meet much more of the demand by American consumers. Many U.S. companies are trying to remedy this situation by investing heavily in expansion, but much of the equipment they need comes from foreign suppliers. In fact, the U.S. now gets about 50% of its machine tools from abroad. Importing such capital goods will help build up America's industrial base, but in the short run, it will exacerbate the trade deficit...
...central bankers tried to back their words with action. When the dollar began tumbling in midweek, they quickly intervened in foreign exchange markets, buying up the U.S. currency. But the strategy only slowed the greenback's retreat, and if the trade picture keeps deteriorating, central bankers will find it increasingly difficult to prop up the dollar. Investor pressure to drive the currency down could prove overwhelming. Says Howard Wachtel, professor of economics at American University: "If the dollar really falls outside the band agreed to by the G-7 and direct intervention cannot restore it, then we risk a free...