Word: clampdown
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Dates: during 1980-1989
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...past four years. "We made no promises to the bourgeoisie," says Junta Member SergioRamirez Mercado. "We made no promises to the U.S. We made our promises to the poor." Indeed, the Sandinistas repeatedly assert that continued U.S. hostility, particularly through support of the contras, guarantees a continued clampdown in Nicaragua. Warns Ortega: "The Reagan Administration can force us to take steps we do not want to take." Still unanswered is the question of what course Ortega and his colleagues would follow if they could not conveniently blame the U.S. for their own actions...
...weeks ago, Central Bank Chief Carlos Langoni, who thinks the government's targets are unrealistic, quit in protest and was replaced by Affonso Celso Pastore. An ally of Planning Minister Antônio Delfim Netto, the country's economic boss, Pastore is likely to support the domestic clampdown. Pastore, 44, is a former state finance secretary and economics professor at the University of São Paulo...
...August the sparks started flying. On the 13th, with inflation down sharply, Federal Reserve Chairman Paul Volcker unexpectedly announced still another reduction in the discount rate, from 11% to 10.5%; two cuts had already been made. That credibly signaled easier money after almost three years of an anti-inflationary clampdown. On the 15th, Ronald Reagan gave a speech asking for $99 billion in new taxes to reduce the federal deficit. On the 17th, Salomon Brothers' influential economist, Henry Kaufman, predicted that interest rates on long-term Government bonds would fall sharply...
...last week. That pace could eventually overheat the economy and spark a new run-up in prices. The Fed's announced target range for M1 growth for the year is 4% to 8%. Says Rudolph Penner, an economist at the American Enterprise Institute: "If there's no clampdown on the money supply very soon, inflation will be back next year with a vengeance." Already, there are signs that inflation may be starting to creep back up. The Government announced last week that consumer prices, led by higher energy costs, rose at a 6.7% annual rate...
Here and there around Mexico, other signs of an economic upturn can be seen. The clampdown on foreign goods, for example, has worked. Imports are down 70%, running at $4 billion below targets. That has helped create a balance of payments surplus of $3.4 billion vs. a $708 million deficit for the same period last year...