Word: 1970s
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Dates: during 2000-2009
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...returned home, continuing to write. Clearly he found it enormously amusing to catch the medical profession flat-footed. He was a little pale when I saw him, but his voice was strong and his mind was as sharp as the day we'd met back in the 1970s, when he had stopped by the Newsweek office where I then worked, to crack jokes with Mel Elfin, the Newsweek bureau chief, and flirt with Amanda Zimmerman, Elfin's stunning assistant...
...International Monetary Fund recently increased its prediction for global GDP growth in 2007 to 4.9% from 4.7%. If that turns out to be correct, this year will be the fourth in a row with an economic expansion rate above or close to 5%, the best performance since the early 1970s. China continues to race ahead at the astonishing pace of 10% growth or more, pulling much of Asia with it. Japan's economy, the world's second largest, is again expanding and the deflation that has racked the country for years is coming to an end. And in Europe, where...
...problem with excessive monetary and debt growth is that it always leads to inflation in one sector of the economy or another. In the 1960s we had wage inflation, in the 1970s consumer price inflation, and now we are in the throes of breakneck asset inflation. But every type of inflation eventually ends. And when assets deflate, economic activity will suffer. Business slows, lenders call in their debts, companies go bankrupt-all of which is bad news for stocks, especially those that are priced as if risk no longer existed. Economic history is littered with periods of asset inflation that...
...took power in China in 1949, exports from China slowed to a trickle. Hong Kong then became a formidable manufacturing hub in its own right?until the colony's growing wealth (its per-capita income is second only to Japan's in Asia) began to impede growth. By the 1970s, costs were rising so quickly that Hong Kong became uncompetitive in basic manufacturing compared with newly emerging economies elsewhere in Asia. Geography saved the day. In 1979, Deng Xiaoping began opening China to foreign investment, and Hong Kong manufacturers decamped to the mainland to take advantage of the country...
DIED. Bradford Washburn, 96, climber, cartographer and aerial photographer who in 1951 founded the all encompassing Museum of Science in Boston; in Lexington, Mass. Labeled "a roving genius of mind and mountains" by outdoor photographer Ansel Adams, Washburn mapped the Grand Canyon in the 1970s, using prisms and lasers to measure depth; and in 2000 he helped revise the height of Mount Everest, up to 29,035 ft., a 7-ft. correction...