Word: barterer
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Dates: during 1960-1969
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With the British Aircraft Corp. forced out of the competition, Douglas and Boeing were left in the race, with Douglas having the inside track. Still, barter troubles continued. Now the Lebanese asked that surplus U.S. wheat and other foodstuffs be thrown into the deal along with the new jets. To help pay for the costly planes, the Lebanese proposed to raise cash by selling off the wheat and foodstuffs. If that sounded roundabout, it was-but it is the way business is apt to be done with the Middle East...
Castro could not say as much for rice, the staple of every Cuban meal. Mournfully, he disclosed that Red China had broken a $250 million barter agreement-mostly Chinese rice for Cuban sugar. China blamed economic pressures at home, but there was little doubt that Castro's drift toward Moscow was the real reason. "I thought this was a long-term proposition," Castro said, "but the other party did not understand it that way." As a result, the Cuban rice ration was lopped in half-from 6 lbs. a month per person to 3 lbs. Oh, well, shrugged Fidel...
Bananas & Barter. Then came an effort to cope with Indonesia's chaotic currency. Since the coup attempt, the rupiah's black-market price has soared from 10,000 for one U.S. dollar to a still-climbing 30,000. Rice prices rocketed from 310 rupiahs per liter last summer to the current high of 2,000 rupiahs. The generals announced that over the next six months, all old rupiahs would be withdrawn from circulation and replaced by new rupiahs at a rate of one new rupiah for each 1,000 old. The move would have limited value, since...
...least reduce the bulk of bank notes Indonesians have had to lug around with them. But far more was needed to revamp the entire price-wage structure and provide incentives to restore production to decaying plantations and mines. Though the peasantry survives happily enough on bananas, breadfruit and barter, few city dwellers today can make ends meet without handouts of rice, free housing and cash from their employers...
...many other countries have found it so easy to grow cane that world sugar prices tumbled from 10½?per lb. last year to a mere 2? last week. With more than half his crop committed to the Soviets under their barter arrangement, Castro will realize at most $130 million on open-market sugar sales this year...