Word: greenbackism
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...expensive and American goods cheaper overseas. While economists have been calling for a weaker dollar for years, they are less certain about precisely how far the dollar should fall. The major industrial countries are reluctant to allow any additional dip in the dollar. The U.S. knows that a falling greenback could bring rising inflation and interest rates, while America's trading partners are worried about their export industries. Just before the trade report was released last week, finance ministers from the Group of Seven -- the U.S., Britain, West Germany, France, Japan, Canada and Italy -- reaffirmed their desire to stabilize currency...
Nonetheless, there was no denying that U.S. manufacturers faced some profound hardships, most notably the strong dollar. Between 1981 and 1985, the greenback's value climbed more than 50% when measured against the currencies of major trading partners. That made U.S. products prohibitively expensive for foreigners, while imports became dramatically cheaper for American consumers...
...welcome thrill for visitors carrying U.S currency: the greenback goes 27% further in Calgary. Despite the battering the dollar has taken virtually everywhere else, Canadians still refer to it as "real money." A few other measurements differ as well. Nostalgia buffs will be able to buy gasoline once more at Esso stations, but it is sold by the liter, not by the gallon. And then there are the speed limits, which are delineated in kilometers per hour. Calgarians, like most Canadians, are unusually law abiding by American standards. When it comes to speeders, the Mounties almost always get their...
...double charge of cheery news had a predictably explosive impact on currency exchanges and financial markets. The dollar jumped to nearly 131 Japanese yen, up sharply from about 126 yen the day before. The greenback also fetched 1.68 West German marks, vs. 1.63 the previous day. At the New York Stock Exchange, everyone who had been planning to buy stocks if the trade figure was good seemed determined to get in at the opening bell. The Dow Jones industrial average skyrocketed, beginning trade 55 points above Thursday's close of 1916. But the surge ended almost as soon...
...standards, yet it has been slow to invest in higher- technology fields. Exports of textiles, a key industry, last year grew by an impressive 23%. But other sectors have been hurt by a 40% rise since late 1985 in the value of the New Taiwan dollar against the U.S. greenback, which has increased the price of the island's products in many overseas markets...