Word: rimmer
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Dates: during 1980-1989
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...very least, the dollar's overvaluation is responsible for half the trade deficit, and some estimates put the dollar's contribution (if that is the word) considerably higher. By the same token, Rimmer de Vries, a senior vice president of Morgan Guaranty Trust Co., figures that if the dollar's exchange rate could be reduced to roughly 200 yen and 2.4 deutsch marks (vs. 221 yen and 2.7 marks last week), with comparable drops against other major currencies, the U.S. trade deficit might eventually be whacked all the way back down to $50 billion...
...TIME board cautioned, however, that the bloated trade deficit cannot be completely closed in the foreseeable future, so imports will continue to dampen growth. "The pillars of our export strength are badly eroded," said Rimmer de Vries, chief international economist for Morgan Guaranty Trust. He noted that the U.S. is losing some of its foreign farm sales because output abroad is up sharply. Concurred Robert Hormats, a vice president of the investment banking firm Goldman Sachs and a guest at last week's meeting: "Europe is exporting poultry, beef and all the things we sold them...
...year, and keeping interest rates from rising. If foreigners sharply reduced their investments, the dollar might plunge much more steeply than it already has, and interest rates would jump. While noting that some experts fear such an event, TIME's economists think that the odds are against it. Said Rimmer de Vries, a senior vice president for New York City's Morgan Guaranty Trust: "We don't expect the dollar to collapse." In fact, De Vries said that as the U.S. economy speeds up, the dollar may begin to strengthen...
...five years ago against an average of major currencies. Said Charles Schultze, who was President Carter's chief economic adviser: "I do not see the dollar in a free fall. Central bank intervention by itself in the markets is not likely to do any good in the long run." Rimmer de Vries, chief international economist of New York's Morgan Guaranty Trust, thinks that the dollar may remain strong because foreigners are eager to invest their money in the vibrant U.S. economy. Said he: "No other major Western nation has had such a combination of high growth and low inflation...
...regional banks that can afford to pull out because their stakes are small. The bigger banks, by contrast, are in so deep that they have no choice but to keep on lending. If they were to demand repayment, the economies of Latin America would deteriorate and defaults might result. Rimmer de Vries, chief international economist at Morgan Guaranty, projects that U.S. bank loans to developing countries will rise by about 5% annually during the next few years...