Word: boards
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Dates: during 1960-1969
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Crude Instruments. There were risks involved in what the economists did, notably in lifting Sukarno's foreign-exchange restrictions to stimulate exports. "It was like a doctor operating on a patient," says Mohammad Sadli, head of the Foreign Investment Board. "The patient was too weak, and our instruments were crude, but we couldn't postpone the operation." In 1966, the inflation rate was 650%; now it is being held below 25% a year. The basic price of rice has been stabilized at less than half the top price of last year...
...allow the competitors to concentrate. Petrosian, who likes to stroll about or read the newspaper between moves in less important matches, slipped off to watch a hockey game between championship rounds, a practice unheard of for competing chess champions, who supposedly must keep their minds riveted to the board...
...freely in Copenhagen about ordering still another rise in the prime rate. Kennedy defended the latest increase but told bankers that in the future they had better "find other methods to make those difficult credit-allocation decisions." The clear warning from Treasury: No more increases. Meanwhile, the Federal Reserve Board is considering telling U.S. bankers to "voluntarily" limit their loans to the total that they now have outstanding...
Eventually, the cost of money will force managers of large corporations to reconsider some marginal capital-expansion projects. After a survey of 1,000 companies, Martin Gainsbrugh, chief economist of the National Industrial Conference Board, reports some retrenchment in plans to spend on new plant and machinery. Between the last quarter of 1968 and the first quarter of this year, planned spending dipped by 2½ % and in some industries by as much as 10%. Gainsbrugh believes that the long boom in capital spending will level off through the year, as businessmen face up to a squeeze on profits...
...Federal Reserve compounded the difficulties by unwisely permitting the money supply to grow much too fast, partly because it had to supply funds to finance the Government debt. Last summer the board's governors rroneously concluded that the surcharge might jolt the economy into recession. The board then expanded the money supply at an annual rate of 11%, which meant that there was more money around than the increased output of goods warranted. Naturally, prices went up faster than be fore. So far this year, the board has not increased the money supply at all, but its mistake...