Word: centrally
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Dates: during 1970-1979
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Admirers of the "Volcker package," is European central bankers are already calling the Fed's moves, praise it mainly for the promise it holds that the U.S. will be able at last to control the availability of credit, as opposed to just its cost. After a full decade of high inflation, economists are pretty much agreed that the levers that have traditionally been used to control the flow of money into the economy?namely, the key interest rates that the Fed manipulates?have failed. This is in large part because the traditional concepts of money itself are outdated...
...longer run." Sprinkel has long argued that the old policy of trying to control the money supply by fine-tuning key interest rates often forced the board to pump more funds into the economy than it wanted to, thus aggravating inflation. "Now that they are focusing on central control of [banking] reserves," he says, "and assuming they follow through, I think it assures that we are going to have more stable money growth." Sprinkel adds that the new policy will reduce the inflationary expectations of consumers, businessmen and domestic and foreign financiers. "If you can get expectations down sooner," says...
...pace, it looked as if the President would get his victory-and by more than one vote. Carter did well in the northern Panhandle, next door fo his native Georgia, Kennedy in Gold Coast counties like Broward and Palm Beach; he also made a stronger showing than expected in central Florida. The big surprise was Dade County (Miami), where Kennedy strategists had been hoping for a clean sweep but Carter seemed to be holding...
...acting as Moscow's surrogate. Says a U.S. official: "There is a great concern that America and its ideological values are in retreat. If the Cubans were to lure the little island countries of the eastern Caribbean into their sphere of influence, it would send shock waves throughout Central America all the way to Cape Horn...
...weekly Le Canard Enchaîné charged that President Valéry Giscard d'Estaing, while serving as Finance Minister six years ago, had accepted a 30-carat tray of diamonds worth $240,000 from Jean-Bédel Bokassa, who was deposed as Emperor of the Central African Republic last month. There is no law prohibiting French politicians from accepting such largesse. The Elysée Palace, in fact, while trying to minimize what it called the "nature and value" of the gifts, did not deny that a "traditional exchange" had taken place. Bokassa also gave diamonds...