Word: creditâ
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...President takes over at a particularly challenging time, one of those turning points in U.S. history that seem to be occurring at shorter and shorter intervals. After the banishment of Richard Nixon, the decent, solid and forthright Gerald Ford?to his everlasting credit???did much to restore faith and confidence in Government and to curb inflation. But he did little to grapple with the nation's other problems. The U.S. is still moving into the post-Viet Nam and post-Watergate era, still struggling to recover from a deep recession. Revitalizing the economy, of course, will be Carter's immediate...
...more restrictive moves, probably in this order: cutbacks in domestic spending, still-tighter money, higher withholding rates for income taxes (up from 14% to 20%), and lastly, temporary tax increases. The step that businessmen fear most?general , and deflationary controls on prices, wages, profits, materials, mortgage and installment credit???would be taken only as a desperate final resort. Johnson almost surely will not turn to controls for the key reason that defense spending is unlikely to amount to more than 8.5% of the G.N.P. as against 13% during the Korean War. Ackley says that controls are "very remote...
...over. Antagonized by Nazidom, other nations have slashed their imports of German goods. Today what Germany sells no longer brings in enough to buy what she must purchase abroad to feed her people and her factories. There would be one way out if she could get fresh credit???but she has scuttled her credit. There would be another way out if she could export foreign exchange or gold?but the gold cover behind German marks has fallen to less than 2% or "scarcely till money'' in the Reichsbank, which is frantically short of foreign exchange...
...interposed R. F. C. on the theory that $2,000,000,000 will cushion the fall, stop it. perhaps turn it up in the opposite direction. Once it turns, however, it becomes to economic realists, inflation. Last week this purpose of the Hoover policy?the artificial creation of credit???was publicly discerned by the Press as far away as France...
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