Word: pesos
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Dates: during 1960-1969
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...almost everything that Argentina craves and lacks -maturity and stability. Ever since the military ousted President Arturo Frondizi in March 1962, the rich land of grain and beef has drifted from crisis to crisis and from military faction to military faction, amid needless inflation, trade deficits and an eroding peso. Just before last month's twice-delayed popular elections finally came up, there were strong fears that the military would annul the result to prevent followers of the exiled Dictator Juan Perón from returning to power through a popular front they had formed with Frondizi...
...election seemed to confirm that for Argentina in the near future the worst was over. Foreign commerce is picking up, the peso is rallying, and the cost-of-living curve is flattening...
...years after Mexico's leftist President Lazaro Cardenas stunned the world in 1938 by expropriating $400 million worth of U.S.-and European-owned oilfields, no one wanted to put a plugged peso into Pemex. Organized to run the nationalized industry, Pemex almost ruined it; the company was a political grab bag for the hacks of Mexico's ruling Revolutionary Party. Between 1952 and 1957, according to one unofficial study, graft and mismanagement cost Pemex $113.6 million. Even so, the insatiable demands of Mexico's fast-rising economy slowly increased crude-oil production to 100.6 million barrels...
...Argentines could talk politics-and smile about it. At last they had an election-and perhaps soon, a bona fide President: Dr. Arturo Umberto Illía, 62, a sometime physician and longtime politico with considerable government experience. On the Buenos Aires Stock Exchange, shares surged upward; the battered peso rallied four points (from 139 to 135 to the dollar), and throughout the country the sensation was one of deep relief and a return of confidence. Even the fractious military seemed content. "We kept our promise to hold elections," said a colonel as he headed for his estancia...
...Latin American spiral is largely the result of instability in the peso, escudo or cruzeiro, which in turn increases import prices and wrecks wage levels. In economically advanced nations, however, the increases are a penalty of unpoliced success. Expanding industrial output in the postwar years, these nations tried to avoid labor shortages with higher pay, more overtime and lavish fringe benefits-until wages finally outpaced production. At the same time, increased consumer spending competed for a relatively stable supply of goods and steadily pushed up prices, particularly of food. Britain slowed its spiraling cost of living by instituting...