Word: controlled
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Dates: during 1970-1979
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BERYL SPRINKEL: "I'm delighted," says Sprinkel, executive vice president of Chicago's Harris Bank. "The Fed's actions greatly increase the odds of getting inflation under control in the 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...
...scholar at the conservative American Enterprise Institute. "The Fed, by and large, is the economic bastion of strength and savvy in Washington." Up to now, he says, the Federal Reserve has been following a policy of "expensive easy credit," meaning high interest rates, but free availability of funds; direct control of the money supply, he asserts, is preferable. But Weidenbaum cautions that there is "no guarantee" the new policy can bring down inflation, while in his mind it produces "more certainty" of a recession. Weidenbaum had thought the recession would last through next spring; now he feels it might drag...
...France's trade deficit. But the man in the street is more aware that unemployment has risen to 1.4 million, a record 6.4%* compared with 4.4% when Barre moved into the Premier's official residence, the Hôtel Matignon. Inflation, which he vowed to bring under control, has been running at an annual rate of 11.3%, vs. 9.7% in 1976. Barre has warned that the French face more, not less, belt tightening. Said he: "Next year will be very difficult. The choice is not between maintaining or increasing purchasing power, but between its maintenance and its amputation...
...British negotiator had brought things to a head a week earlier by presenting a "final" constitutional proposal: it guarantees 20% of the parliamentary seats to Rhodesia's white minority of 212,000, but strips it of its effective control of the military, judiciary and civil service. While avoiding the word ultimatum, Carrington insisted on the accord of both parties...
...Philadelphia and Chicago, John Paul came down hard on the conservative side of issues that divide the American church: there should be, he said, no artificial birth control, no married priests, no women priests, no acceptance of divorce or of sex outside marriage, including homosexuality. At the Chicago meeting with the U.S. church hierarchy, he praised American bishops for their doctrinal unity with the papacy. But their unity was anything but total. Grumbled one bishop: "He was harkening back to an orthodoxy that I thought we had passed by years ago." Said another: "I almost expected the bell to ring...