Word: pesos
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Dates: during 1990-1999
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...first is America's already immense and growing commercial involvement in the world beyond its borders. Americans spend more than 10 billion minutes a year on international phone calls. Travel abroad is exploding. About 20% of the U.S. economy now depends on international trade. The Mexican peso's collapse has sullied NAFTA, and makes it harder for Washington to argue the instant benefits of free trade. But the trend toward international economic interdependence is inexorable, and those who participate--some 10 million Americans owe their jobs to exports--are a natural constituency for more robust U.S. leadership...
...PESO DIVES...
Another industry insider speculated that investments in the Far East and those affected by the Mexican peso devaluation performed poorly and brought down the overall gains...
Senate Banking Committee Chair Alfonse M. D'Amato (R-N.Y.) criticized Summers for failing warn people that the peso was in trouble. However, this criticism was not enough to seriously threaten the nomination of Summers, who received tenure at Harvard before...
Leaders of the seven richest industrialized nations endorsed a plan for a $58 billion rescue fund to promptly handle future crises like last winter's Mexican peso plunge.President Clinton and the leaders of Japan, Germany, Britain, France, Canada and Italyagreed that the global economy is not growing as robustly as it was only a year ago and promised to used the fund to avert worldwide financial instability. "We cannot walk away from our global leadership responsibilities," Clinton told reprters at the G-7 summit in Halifax, Nova Scotia. At the same time, he said the bailout fund will "help...