Word: coppers
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...late Marxist President Salvador Allende. But last week the new Chilean Foreign Minister, Ismael Huerta, announced at the U.N. that the military junta that overthrew Allende in a bloody coup last month has reopened negotiations with Anaconda and Kennecott with a view toward paying them something for those giant copper mines -Anaconda's Chuquicamata and Kennecott's El Teniente-that Allende expropriated. Some other members of the Chilean U.N. mission even dropped hints that Anaconda and Kennecott might actually be invited back to operate the mines for the new government...
Both sides were quick to emphasize that the talks are in the most informal, preliminary stage (though one copper-company executive added that a supposedly casual meeting with Huerta was attended by "70 to 90" U.S. executives...
...nation surfeited with material abundance, but now it may be on the verge of a comeback. At the height of its biggest boom, the U.S. seems almost to be based on an economy of scarcity. Shortages of an astounding variety of goods-fuel oil, nonferrous metals, wool, copper, cotton denims, vinyl records, plastic bottles, to name a few-are jacking up prices, interfering with production, and in some cases directly threatening American living standards...
Long Wait. In New York, the National Association of Purchasing Management polled its members and found that products ranging from aluminum, copper and zinc to paper (both shipping boxes and office stationery), cotton, chemicals and corn syrup were available only after long waits for delivery. The McDonough Power Equipment Co., which makes lawnmowers and garden equipment, fears that the new plant it will open next spring will not be able to operate at capacity because it will not be able to get enough steel. In San Francisco, Levi Strauss & Co. is having to ration blue jeans to stores because...
...economists and businessmen stress a third reason for shortages: price controls. Critics charge that by preventing companies from raising prices of finished products as high as the market will bear, the controls have also made it impossible for American industrialists to pay the high prices that such materials as copper, cotton, wool, lumber and chemicals now command on world markets. Inevitably, the goods are being carried off by foreign buyers, especially the Japanese. ("The Japanese have bought up every pound of wool in the world!" a New York buyer hyperbolically exclaims.) Says Alan Greenspan, a member of TIME...