Word: greenbackism
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...result of airfare deregulation, getting there has never been cheaper. In some countries, notably Portugal, Italy and Greece, the dollar will go farther than it did two years ago. And, while the greenback continues to wilt elsewhere, it can still be stretched to wrap a memorable, moderately priced vacation. In fact, for the traveler who will settle for country candles over city lights, who has an appetite for food and drink modest only in price, this kind of vacation can be more rewarding than the traditional tour of the fleshpots. It will take him to towns as old as civilization...
...prices because oil is used not only for fuel but also as a raw material in chemicals, synthetic fibers and many other products. Rising fuel charges also will prod workers to demand more pay, which businessmen will pass on in higher prices. And as more dollars flow abroad, the greenback's value will tend to slump against other currencies, and Americans will wind up paying more for imports. The impact on the U.S. trade deficit, which last year reached a record $28.5 billion, will also be severe. In January alone, the deficit hit an eleven-month high...
...Iranian situation itself.) Blumenthal forcefully reiterated that the Administration remains committed to maintaining stable market conditions for the dollar. Currency traders took this as a sign that the U.S. was prepared to intervene massively in the money markets to prevent a dollar rout, and the slide stopped, though the greenback still closed out the week lower than it began it. In fact, the Schlesinger-Blumenthal performance accomplished little except to underscore the trouble that the Administration is having in saying or doing anything effective to deal with the Iranian oil problem...
...appreciate the vicious circle in which inflation weakens the dollar and a drop in the dollar spurs more inflation. Treasury Under Secretary Anthony Solomon, with Blumenthal's support, argued against doing anything to prop the dollar until its rout had degenerated into a panic-by which time the greenback had sunk 18% against the German mark and 26% against both the yen and Swiss franc. Reports TIME Washington Economic Correspondent George Taber. "The U.S. this year paid a heavy price to learn something about world money markets. One of the tragedies is that there was nobody in the Treasury...
...officially endorses the monetary union as an important step toward the integration of Europe. In the short run the plan should help the dollar. Reason: European governments will usually not sell dollars in attempts to lift their own currencies and that will relieve downward pressure on the greenback. Instead, these countries will sell other European currencies...