Word: deficit
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Dates: during 1960-1969
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...first time since the late 1940s. Economists rushed to predict that this year would be even better. But 1963 proved to be a fluke, and 1964 has been anything but good for British trade. Last week the government announced that Britain's trade balance showed a discouraging deficit of $143 million in August-bringing to $930 million the deficit for the first eight months of the year. Because so much British money is going into foreign coffers, the British pound, one of the free world's two reserve currencies, is sagging perilously...
Italy's wholesale prices have steadied, and Milan's stock exchange index has just crept above 6,000 for the first time since last spring. Last week, Treasury Minister Emilio Colombo reported that Italy's balance of payments has switched from a monstrous $1.2 billion deficit last year to a surplus of $535 million for the past five months. At the same time, Parliament acted to curb the national passion to buy on credit by passing a law requiring 25% down and two-year terms on installment purchases. Best of all, the lira has been revivified...
Last winter, amid official predictions of a mounting trade deficit and some foreign talk of devaluation, speculation against the lira gripped European currency markets. The panic subsided when the U.S., the International Monetary Fund and European central banks granted $1.2 billion in credits to shore up the Italian economy. In the last year, the lira has gained slightly against the pound, lost only 4/10 of 1% to the dollar. But Italy's economy still faces a tough and crisis-ridden fall. Whether it survives in good shape depends largely on whether it can check its upward wage spiral...
Despite scandals and blunders, the Tory Cabinet still looks like an eager, able team. Although Britain's foreign-trade deficit is alarming, while industrial production is not rising, most Britons still enjoy unprecedented prosperity, and the Tories make the most of the slogan, "Don't let Labor ruin...
...oiks back home must be mightily disturbed by Galbraith's advocacy of deficit spending. On the other hand, how could they possibly disapprove of a man who has devoted a lifetime to the study of money...