Word: peso
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Dates: during 1950-1959
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...main character was all too real. Rugged, soft-voiced Ted Lewin, 52, is an American ex-prizefighter with a taste for dark shirts, penthouses, air-conditioned Cadillacs and shadowy wheelings and dealings. In and out of Manila, in the past two decades, he has turned many a fast peso...
...adjustment, which set the tone of LÓpez Mateos' first year, was a tough and successful fight to save the peso from devaluation. In the first six months of 1958, under free-spending President Luis Ruiz Cortines, the country piled up a $96 million deficit abroad, a budget in the red by $66 million. LÓpez Mateos reversed course and slashed imports by $20 million a month by whacking public spending. The results: a severe crimp in the construction industry, a mild recession through much of the economy, but a nearly balanced budget and a favorable trade...
...join the 400,000 Cubans chronically unemployed and the 160,000 workers made jobless by the construction slowdown. Says a Havana businessman: "The country is going broke in a hell of a hurry." Said a sugar broker: "Cuba is being reduced from a first-rate nation with a sound peso to a third-rate nation...
Getting Results. Frondizi's plan to force Argentina to live within its means -by removing price subsidies from food, freeing foreign trade, freeing the artificially pegged peso to find its real level-has ended what used to be one of the most comfortable ways of life in the world. With prices rising, beef consumption is down 40%, capital district retail sales 60%, attendance at movies 20%, attendance at soccer games and horse races 25%. Even the rate of marriages has fallen 13% because of higher costs of setting up a household. The need for dollars to buy U.S. capital...
Flown & Faked. In the last ten years, the boom has grown to such proportions that the government has all but given up hope of keeping Mexico's treasures at home. Some officials are collectors themselves-and not above turning a fast peso on a good piece. They make smuggling ridiculously easy. Reaching the border with a station wagon full of pre-Columbian art, ex-Jockey and Art-Quiz Whiz Billy Pearson was "prepared to start throwing money around." The customs man demanded only food. "For a case of chilis," wrote Pearson in his autobiography, "I got through the border...