Word: autumns
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...hearty "farewell to the flesh" (carne vale) before starting the Lenten regimen of fasting and penance on Ash Wednesday. In Munich, the capital of Fasching, the farewell involves a series of masquerades, formal balls and street parades, which lead to, among other effects, an increase in illegitimate births every autumn. Fasching also breeds business. Hotels are sold out; consumption of champagne, caviar and Munich's famous Weisswurst triples. Following a record season in 1977, Munich promoters looked forward to an even better one this year -until they consulted the calendar...
...record books. On Thursday morning in Zurich, the dollar opened 1% up in value against the Swiss franc from the previous day. the sharpest overnight dollar rise ever recorded there. In Frankfurt, where the dollar had sagged to a record low of 2.07 marks during its autumn-long slide, it abruptly recovered to nearly 2.16, also a record rise. In Tokyo. where the dollar had fallen to a postwar low of 237 yen on Wednesday, it promptly rebounded...
Ironically, Sadat started his peace campaign by going to war. The road to peace in the autumn of 1973 seemed totally blocked. Both Arabs and Israelis stared down diplomats as impassively as gunfighters. The U.S. and the Soviets were preoccupied with
...accelerate repayment of the country's $24 billion in accumulated long-term foreign debts (an unlikely choice), 2) develop alternative sources of energy against the day when North Sea oil runs out, 3) expand public services in order to reduce unemployment, which last month declined only slightly from its autumn-long postwar record level, to 6% of the labor force, 4) increase investment in modernizing Britain's woefully outdated plant and equipment, 5) cut taxes. The decision, which will not be made until Parliament debates the issue in the next few months, undoubtedly will be some combination of several...
Right now the Callaghan government is leaning toward putting most emphasis on tax cuts. One obvious reason is to improve the Labor Party's chances of winning the general election that the government seems likely to call for next autumn. But there are economic arguments for a tax cut too. Current income tax rates, which begin at 34% for individuals with taxable income in excess of $1,796 a year and escalate to 83% on income over $38,000 annually, stifle incentive and initiative. A tax cut also would increase consumer demand, in theory prompting industry to increase production...