Word: brinkmanship
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Dates: during 1970-1979
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...Brinkmanship is an old New York political habit. Now, however, the state faces its own huge budget deficit. New York City is taxed to the breaking point. Accounting gimmicks, such as the familiar habit of putting current expense items into the capital budget, which is supposed to cover construction projects, have at last caught up with the city...
...Brinkmanship finally produced a compromise that all sides felt they could live with. A new agency, the Municipal Assistance Corporation ("Big Mac"), was created to restore the city's credit and to monitor its budget and borrowing practices. Because five of its voting members are appointed by the Governor and four by the mayor, the corporation will inject the state government into city affairs. Big Mac will receive regular reports on the city budget so as to be able to sound the alarm if the city turns profligate anew. Current-expense items now make up 40% of the capital...
...issued would be repaid. City officials balked at such a surrender of their fiscal authority. The question is whether Big Mac will be established in time to prevent the city from defaulting on $792 million in notes that fall due this week. True to the politics of bluff and brinkmanship that characterize New York, the solution was not likely to come until five minutes before midnight on D-day-or even five minutes after...
...maintaining a proper equilibrium among the three powers-Russia, China and the U.S. The U.S. has a tremendous responsibility to maintain a credible posture both in material terms and in being able to deter wars. We will need the kind of skill in diplomacy that will avoid brinkmanship and the possibility of miscalculation...
...producing Arab nations would blow up their wells rather than let them be seized by U.S. forces. Rome worried that American intervention might risk nuclear war with the Soviets. In London, political leaders of all parties were privately troubled by what they felt was Kissinger's flirtation with "brinkmanship." Only the Israelis expressed satisfaction. "It was a good statement," said former Intelligence Chief Harm Herzog. "It makes the Arabs think twice...