Word: pesos
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While the gross national product has increased-by an annual average of 7.26% in the past three years-inflation has grown far faster, reaching a staggering 40% in Manila during 1974. Real wages have probably declined for working-class urban Filipinos. The 1976 peso has shrunk to a mere 34% of its 1967 value...
Drastic Step. Rodrigo rode to his swearing-in ceremony on the subway, a gesture that turned out to be the last popular thing he did. Two days after taking office, he devalued the peso from 15 to the U.S. dollar to 30. He also took a drastic step to solve one of the country's basic economic problems: prices, controlled by the Peronists as a populist measure, had fallen so far behind wages that production was lagging. Rodrigo announced price hikes in essential goods that quickly blossomed into across-the-board increases (see chart). On the first...
...recently for $85,000-a return on the original investment of more than 9,300%. One expert estimates that a good coin collection has appreciated in value by 75% annually for the last few years. Last summer Cleveland Coin Dealer Alan Yale, an ex-stockbroker, bought Mexican gold 50-peso pieces for $173 each; today they are selling for $241 each. Even collectors of the cheapest U.S. coin may soon be able to turn a profit. If the price of copper reaches $1.51 per Ib. (it is now more than $1.43), the metal in pennies will be worth more than...
Even American citizens are joining the rush. They cannot yet legally buy gold bars, but they have always been permitted to own gold coins. Sales of British sovereigns, Mexican 50-peso coins and good old double eagles (U.S. $20 gold pieces) are booming. In the past two weeks alone, double eagles traded in New York have gone from $200 apiece to nearly...
...took up the plastic menu and immediately felt my wallet burning in my pants pocket. An assortment of hamburgers and grilled meats stared back at me with their 20- and 25-peso prices. That's only about a dollar, but in Bolivia one needn't ever pay over 15 pesos for a full-course meal. I chose the cheapest item on the list, a perro caliente (Spanish for "hot dog"), which went for seven pesos. Up in the Indian Quarter seven pesos would have bought me soup, a piece of chicken, rice, and chuna, a type of dried potato...