Word: nondollar
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Dates: during 1980-1989
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...devalue the U.S. dollar. Emerging from an extraordinary Sunday meeting at the Plaza Hotel in New York City, Treasury Secretary James Baker and finance ministers and central bank governors of Britain, France, West Germany and Japan appeared before TV cameras with a major announcement. "Orderly appreciation of the main nondollar currencies against the dollar is desirable," said the five, and they "stand ready to encourage this." Blunt translation: the greenback is grossly overvalued in terms of how many pounds, francs, deutsche marks and yen money traders will exchange for it, and the five intend to cut the buck down...