Word: anties
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Dates: during 1970-1979
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That is only one of the ways in which the President's economic policy will be sorely tested in coming months. Last week Carter was saying all the right things, working a strong anti-inflation pitch into all his campaign speeches on behalf of Democratic candidates. Typically, he told a friendly crowd of 3,000 in the Niles East High School gym just outside Chicago: "I have spelled out to the Congress, to the American people, indeed to the world, a commitment on my part to make sure that we get inflation under control...
...himself that the dollar might be miraculously rescued by an improvement in the U.S. trade deficit (down from almost $3 billion in July to $1.7 billion in September), by passage of the long awaited and much battered energy and tax-cut bills, and by the President's Stage II anti-inflation program of wage-price guidelines. After all, money traders, finance ministers and central bankers agreed that the long decline had caused the dollar to be grossly undervalued. The greenback will now buy more coffee, clothes, steel or whatever when spent as a dollar in the U.S. than it will...
...turning point, which forced Jimmy Carter to change his mind, came shortly after he went on television Tuesday night, Oct. 24, to announce his Stage II anti-inflation program. He not only proclaimed wage-price guidelines but also pledged to slash the U.S. budget deficit further and ease the inflationary burden of Government regulation on business. Far from steadying, the financial markets went berserk with the wildest selling spree yet, obviously because investors and speculators judged the policy to be not strong enough. The U.S. stock market tumbled into a deepening nosedive that carried the Dow industrials down 105 points...
...Administration picked up this feeling in September, when the International Monetary Fund convened in Washington. Even that early, the outlines of the Stage II anti-inflation program had been extensively leaked and discussed in the press. Foreign and American bankers warned U.S. Government officials that if the policy went no further than indicated by the reports they had read, the dollar would continue to fall. Immediately after the IMF meeting, Blumenthal assigned Treasury Under Secretary Anthony Solomon to meet secretly with Fed Chairman G. William Miller and plan what to do in a "worst case" of threatened dollar collapse. Solomon...
...Saturday, Oct. 28, Blumenthal, Solomon, Miller, Anti-Inflation Czar Alfred Kahn and Council of Economic Advisers Chairman Charles Schultze agreed on the main elements of the dollar-rescue plan during a four-hour meeting in Blumenthal's conference room. Most of the ideas were first voiced by Solomon, but they were scarcely new; non-Government people had been urging them for months. The group decided to get Carter's approval that night...