Word: tradings
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Dates: during 1980-1989
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...perverse effect takes place: as the price of foreign products increases, Americans spend even more dollars for the same volume of goods. Meanwhile, they earn fewer yen, francs and marks for U.S. products that do sell well abroad, like Boeing aircraft and IBM computers. As a result, the trade deficit actually increases in dollar terms...
...ultimate impact of a continued devaluation will be a slowdown in the growth of American living standards, or an absolute reduction. But that may be the price of having run huge trade deficits year after year. Says Stephen Marris, an economist with the Institute for International Economics in Washington: "We are in a mess. There is no easy...
History does not offer much encouragement on the benefits of devaluation. The British pound and Italian lira dropped during much of the 1970s, while the West German mark and other Continental currencies rose. Yet at the end of the decade West Germany was enjoying a massive trade surplus and manageable inflation. Britain and Italy, meanwhile, languished under trade deficits and double-digit inflation. Sir James Goldsmith, the British financier, witnessed the process firsthand. Warns he: "Like drugs, devaluation gives you a breather, a small kick. Then it becomes an inflationary merry-go-round to , hell." Only when Britain began pumping...
Hull admits the CIA warned him that certain contra leaders were involved in the drug trade but maintains he knew nothing about his land being used for narcotics trafficking. He angrily disputes allegations by Senate investigators that his motive for helping the contras was to make a profit. If the Sandinistas are not overthrown, he wrote in a position paper forWalsh that he provided to TIME, "Central America will be lost and North America will cease to be a world power and eventually fall under the yoke of Communism." To Hull, Senate Subcommittee Chairman John Kerry and his colleagues...
...most prosperous nations in Africa. But in recent years the "supreme combatant," $ as he was known, had become increasingly impulsive and autocratic. Amid a worsening economic crisis, he refused to take steps to ensure an orderly transition, despite his deteriorating health. He banned opposition parties and dissolved trade unions. Last year he divorced his wife of 24 years, Wassila, and sacked his longtime Prime Minister, Mohammed Mzali. He constantly reshuffled his government, dismissing aides and then reversing himself...