Word: digitalizing
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Tilford Gaines, chief economist of Manhattan's Manufacturers Hanover Trust Co., predicts that rising food prices will keep living costs rising at a double-digit rate for the rest of the year, though he sees the pace slackening from close to 13% currently to about 10% by December. Says Gaines: "Except for 1946 and 1920, 1974 will probably prove to be the worst year in our history for consumer inflation...
...cutting the present budget, there is little likelihood that federal spending will be reduced sharply enough to have a substantial impact on prices. Consumer prices in the first six months of this year shot up 12.6%, and they are likely to continue leaping at or close to a double-digit pace for the rest of the year. Farm prices are marching up again, and increases in wage settlements jumped from 7.6% in the first quarter to 10% in the second...
...controlled press of the Soviet Union and other Communist countries has recently found fresh and juicy evidence of capitalist decline: the double-digit inflation now ravaging Western nations. By contrast, Red journalists crow, living standards in the socialist bloc have markedly improved in the past decade or so, while price rises have been virtually nil. There is some truth to that claim, but like vodka, it has to be taken cautiously in order to avoid losing touch with reality...
...there were any lingering hopes that the long era of labor peace might continue, they vanished last week. Hoping to catch up with double-digit inflation, a record number of workers were walking picket fines. The Federal Mediation and Conciliation Service reported that more than 600 work stoppages -the most since the agency began keeping records 15 years ago-involving 230,000 workers were in progress...
...strains on the U.S. banking system are being duplicated, and then some, in Europe. There too inflation roars ahead at a double-digit pace, and interest rates are hitting unprecedented peaks. In addition, the large multinational banks operating in Europe are being asked to "recycle" part of the estimated $60 billion in oil producers' surpluses. This involves accepting the money in the form of deposits and lending it to countries that, like Britain and Italy, cannot meet their oil bills. Finally, though banks on both sides of the Atlantic have gotten burned speculating in foreign currencies, the losses have...