Word: controllable
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Dates: during 1970-1979
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...would judge whether the foreign university's credentials meet Harvard standards. Bowersock does not believe his desk would be "piled with requests for obscure universities in Paraguay." Statistics bear this out; almost everyone still wants to spend a year at Oxford or the Sorbonne. In either case, "quality control," as the Council members are fond of calling it, is not at stake...
...COUNCIL, however, seems determined to keep the program small and firmly in its control. CUE member Henderson argues that the University considers the program an extra goodie to list in the college catalogue, "something else they can point to and say, 'Look what we have,'" without expending much energy. Henderson is probably right. But what is even more irksome is the assumption the Council makes that Harvard students will immediately flock to third-string foreign schools if given the chance; therefore, the study abroad experiences must be suspiciously monitored to maintain "quality control." Davis, for instance, recommended in his memo...
...payments deficits, starting in the 1960s; lately they have been increasing dramatically as a result of the rising cost of imported oil. Today they form a $600 billion money mountain in Europe as well as in the Caribbean and other offshore tax havens, where they have escaped the control of the Federal Reserve. In the past, when the Fed tried to curb the pace of business?and inflation?by limiting the supply of money, banks were able to circumvent this tightening by obtaining Eurodollars. The 8% reserve requirement will discourage this by making that money more costly for the banks...
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 This is in large part because the traditional concepts of money itself are outdated...
While Volcker's retooling of Fed policy may lead to surer control of the money supply, critics are worried that the steps he has taken to limit the inflationary flow of Eurodollars into the economy do not go far enough. In London, Geneva and other offshore finance centers, no sooner were the Fed's money-tightening moves announced than finance men began huddling with their lawyers, looking for ways to circumvent the new rules. Reports TIME'S European economic correspondent Friedel Ungeheuer from Brussels: "The game of the week is finding loopholes in the Fed's effort to keep Eurodollars...