Word: greenbackism
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...hasty retreat?"chuckling in amazement," says a shopkeeper on Tokyo's Ginza. Says a veteran tourist who is staying at Tokyo's Imperial Hotel, where the cheapest room for two is $80 a night: "It's just plain scandalous. I never thought I'd see the day when the greenback would turn into Mickey Mouse money. It really hurts my pride as an American...
Later, the Administration tried to make it clear that it was serious. In background sessions with newsmen, Administration spokesmen outlined a three-pronged program. First, they said, the Federal Reserve Board would be taking steps, in concert with other central banks, to strengthen the greenback, and had already been moving "more actively" in buying dollars to prop up their price. Second, the Administration would step up efforts to get Congress to pass Carter's energy program, which would reduce oil imports and thus stem the drain of dollars out of the U.S. Indeed, Carter personally lobbied House members...
...will improve the fireproofing of buildings-without saying what it will do to put out the four-alarm blaze that is raging right now. And if the dollar's fall is not stopped, the U.S. and world economies will be in mounting danger. The cheapening of the greenback may add ¼% to 1½% to this year's U.S. inflation rate. It both raises the costs of imports, which are now about equal to 10% of the gross national product, and moves American manufacturers to increase prices on goods that compete against imports...
...Europe, where the dollar's gyrations last winter and spring cost the U.S. Treasury some $3 billion in support operations, the greenback was already so grossly undervalued against the West German mark that the exchange rate remained relatively stable at about 2.04 to the dollar. But the value of the Swiss franc rose to an alltime high of 1.75, and the price of gold surged to a record $201 an ounce on frantic trading in both London and Zurich...
...opened the week at 200.1 yen and was instantly engulfed in a tidal wave of selling hysteria. Though the Bank of Japan spent a remarkable $400 million in official reserves during the first 25 minutes of trading on Monday in an effort to halt the collapse, the once mighty greenback still crashed through the psychologically important 200-yen barrier and kept plunging all week. At its Friday close on the Tokyo Exchange, a dollar would buy only 192.10 yen, a depreciation of nearly 5% in a week, and an overall decline of more than 18% since January...