Word: borrowings
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...year might climb to a stunning $47 billion, more than $7 billion bigger than the Administration's latest projection. And forget broad credit controls: there will be no outright limits on the sums that banks can lend to businesses, and certainly no restrictions on how much consumers can borrow to buy houses or cars. Only a requirement that consumers pay credit-card bills more speedily-maybe...
...treatment that many economic experts believe is necessary to break the whirling inflationary cycle. Meanwhile, there are indications that White House uncertainty is making inflation worse. Said one Senate Banking Committee staffer about credit controls: "The Administration blew it." The mere rumor of controls, he said, caused businesses to borrow extra money so that they would have it before any controls took effect. Similarly, Treasury Secretary G. William Miller and Anti-Inflation Adviser Alfred Kahn acknowledged in a letter to heads of 500 major corporations that some companies seem to be raising prices in anticipation of wage-price controls. Surveying...
Selective credit controls have been tried several times, most recently during the Korean War years, 1950-52, but economic experts say that they had little measurable effect. As long as people have money to lend, borrowers will find a way to tap it. Large corporations unable to borrow from domestic banks could borrow from abroad, or issue bonds or commercial paper (in effect, big short-term IOUs); a consumer could take out one of the personal loans that were permitted or borrow on his life insurance to buy a car. Says J.H. Tyler McConnell, president of Delaware Trust Co.: "When...
...democracy: We want people to participate in shaping their own Lives at various levels, especially in the countryside. The workers there will be established into various committees which have a management role. That's what we envisage. I refuse to borrow political models. The principles-yes, the principles that people must finally be their own masters, share the ownership of their resources, peasants being well organized into collective units... These are principles from the experiences of others, like China, Yugoslavia, Rumania. I don't want regimentation. I just wouldn't like that I feel revulsed by dictatorship...
...fact, bankers are unlikely to cut off Third World borrowers entirely, no matter how low their credit worthiness sinks. Brazil alone, for example, already owes an incredible $52 billion in foreign loans, and will need to borrow several billion more during 1980. But the world's largest multinational banks have little real choice but to go ahead and extend the required credits, whether they like it or not. Without such loans, Brazil might be forced to default on payments that it already owes, and the banks could lose the billions borrowed so far. The banks and the debtors...