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...boosting productivity, which in Britain has grown at less than half the rate of its European trade rivals. An easy-money boom ("You never had it so good") led to dangerous inflation that threatened to price British goods out of world markets. Chancellor Selwyn Lloyd has had to clamp drastic restraints on wages (the "pay pause") and credit, thereby deeply alienating the traditionally Tory middle class. Though his harsh medicine was necessary, Lloyd's pious manner of dishing it out irked even his colleagues, who term 1962-style austerity "Selwynism...

Author: /time Magazine | Title: World: MAUDLING: An Undeserved Reputation for Indolence | 7/27/1962 | See Source »

...left to go before it breaks through the $11.7 billion floor of gold legally required to back U.S. paper currency and the banking system. Although the Fed can suspend the requirement at will, a drop below that minimum could cause a run on the dollar and compel Washington to clamp controls...

Author: /time Magazine | Title: The Economy: The Solid Gold Dilemma | 6/22/1962 | See Source »

...Market countries would pay the full 52% U.S. corporate tax on all earnings-less whatever they paid in local income tax. Payment of U.S. taxes could still be deferred in underdeveloped nations, where the Administration wants to encourage U.S. private investment. The Administration bill has three professed purposes: to clamp down on U.S. firms that channel their overseas earnings into foreign "tax havens," to slow the alleged "export of jobs" created by U.S. investment abroad, and to narrow the gap in the nation's balance of payments by restricting the outflow of U.S. investment capital...

Author: /time Magazine | Title: Public Policy: Those Foreign Profits | 5/25/1962 | See Source »

Whatever McSween's reasons, by casting his one vote he had given a considerable boost to the Administration's hopes for its farm program, which would clamp such tight production controls on many farmers that they would be little more than the Government's hired hands. House Democrats now think they have enough votes to pass the bill intact. Over on the Senate side, the Agriculture Committee butchered the bill, but Majority Leader Mike Mansfield believes that the Democrats can restore most of the controls before final passage. Because of McSween's vote, said a grateful...

Author: /time Magazine | Title: Nation: Here's to Harold | 5/18/1962 | See Source »

...patient's chest was opened along the breastbone. Tubes slipped into both great veins led used blood out of her body to the heart-lung machine. Another tube fed it back into a leg artery. A clamp on the aorta helped to keep the heart and lungs virtually bloodless. Dr. Cooley slit open the main pulmonary artery, found nothing in it. But in the successively smaller branches and in the lungs themselves were at least 18 clots. Dr. Cooley pulled some out with forceps, extracted the others with a vacuum suction tube. He washed out the lungs and squeezed...

Author: /time Magazine | Title: Medicine: Clots in the Lungs | 8/18/1961 | See Source »

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