Word: backed
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Dates: during 1970-1979
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...alarm bell demonstrated how strategic worries continue to look different from each side of the Atlantic. "We never thought you [the U.S.] reached to the sky," countered British Political Economist Andrew Shonfield. "And the fact that you now recognize that you don't, and that you also look back nostalgically to the moment you thought that you did, impresses you perhaps more than it impresses us." Added British Strategic Expert Laurence Martin: "I would prefer to say not that deterrence has collapsed, but that certain illusions which were perhaps justified in the days of the American nuclear monopoly...
...political mood is shifting toward stimulating investment rather than consumption. Some steps in that direction were the Revenue Act of 1978, which slashed maximum capital gains taxes from 49% to 28%, and the appointment of the tough-minded Volcker to the Fed. Though a tight money policy temporarily holds back stock prices, it stands to retard inflation in the longer...
...slow season, a time of fresh beginnings. But this new year opened with a disquieting week of turmoil. As nervous investors continued to convert cash into inflation-proof tangible assets, the price of gold shot up to a wallet-popping $341 an ounce before settling back at week's end to $329. The Dow Jones industrial average, which had been rising since July, plunged 15 points in one day, the largest decline since last December. Other news was also depressing. Wholesale prices rose in August at an annual rate of 15.4%, which portends still higher consumer prices...
...direction of the U.S. economy, the market decline early last week was considered to be a short-lived emotional response to higher interest rates. These both slow the economy and make bonds relatively more attractive than stocks. Federal Reserve Chairman Paul Volcker repeated that he is committed to throttling back the growth of money supply, and that interest rates would therefore remain high as long as the rate of inflation did. Indeed, the banks' prime rate for business loans climbed from 12¼% to a banana republic...
...conservatively valued at $65 billion. Another $4 billion to $5 billion also could come into the market from Europe, where record amounts of cash have been stuffed into short-term securities. The Europeans are waiting to see if the Carter Administration is serious about defending the dollar and beating back inflation by maintaining tight fiscal and monetary policies...