Word: borrowings
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Dates: during 1970-1979
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Peking has also changed the way it does business. In the xenophobic past it avoided all foreign economic entanglements and, to prevent trade deficits, practiced a punishing austerity. Now, Peking reasons, like other nations it can borrow the money it needs for investment. Result: despite its oil revenues, China's trade deficit shot up from $80 million in 1973 to $1 billion last year, a figure that foreign economists feel is still prudently low. "The economy is not doing spectacularly," says an American economist in Hong Kong, "but it is getting down to stability-and stability is an achievement...
...Robert Parker, who analyzed the city's most expensive programs-welfare and hospitals. Around the U.S., correspondents reported on the shivers that New York's threatened bankruptcy is sending through national financial markets. Says Associate Editor Frank Merrick, who catalogued the effects on other cities trying to borrow in order to meet expenses: "There's a virtual fruit basket of problems. The rot of the Big Apple could spoil a whole bunch of cities." From Washington, Correspondents David Beckwith and John Stacks cabled reports on the debate over extending federal aid, while Reporter-Researchers Allan Hill...
...account for about 19% of the $200 billion state and municipal notes and bonds in circulation. As a result, a double default could well undermine investors' confidence in the market, causing them to shun the bonds of many other cities, states, counties and local authorities, imperiling their ability to borrow money. That could lead to their defaults too, and more business failures and higher unemployment. The nation's economic recovery could be set back, and overseas financial markets might be disrupted...
...latest flick, Exhibition, is the real-life story of its star, Claudine Beccarie, 30, who has already appeared in 44 other French Films Bleus. "I have no inhibitions," says Beccarie, a shapely brunette whose preferences include bisexuality and gourmet cooking in the nude. (Neighbors stop by frequently to borrow sugar.) Exhibition, a box office sensation in Paris, had its U.S. premiere last week at the New York Film Festival. The porno queen herself flew in for the screening with her current lover, Didier Faya, 20, in tow. "He was a plumber," explains Beccarie matter-of-factly. "He came...
...many and confusing ways of calculating money supply, by one measure it has recently been growing at an annual rate of 1.6%. In the two weeks ended Oct. 1, the nation's money supply actually declined. If that trend were to continue, efforts by businessmen and consumers to borrow more money than lenders had available would push interest rates higher. One probable result: a greater flow of money out of savings and loan associations, which supply a huge chunk of the mortgage money for new homes, into Government securities and other investments that yield higher interest rates than...