Word: dollar
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Dates: during 1970-1979
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People are familiar with the circumstances that produce "world food crisis" headlines in the early 1970's: several major crop failures, problems in the Green Revolution, program cutbacks in grain production in the U.S., Canada, and Australia. The U.S. dollar was devalued, causing increased demand for exports of feed grains and soybean meal. OPEC was formed, oil prices tripled, and fertilizer prices went up. The American consumer felt the pinch. Food costs more...
...proving the "crowding out" theory of Milton Friedman. In fact, the historical experience of pre-war Japan, where rapid growth was accompanied by far greater deficits for defense purposes, shows that sufficient capital, foreign or domestic, will be available where the opportunity is great. There are billions of oil dollars in European banks eagerly seeking investment opportunity, and with the declining value of the dollar, they can be invested nowhere more profitably than in the United States. As any real estate broker could tell you, to some extent they are. Nevertheless, the second greatest contributor to our balance-of-payments...
...Certainly not in a savings account. Had Phineas T. Barnum lived today, his famous dictum might well have been: There's a saver born every minute. In the inflationary 1970s, savers are suckers who stand to lose. If inflation should continue at February's 15.4% rate, every dollar put into a bank at 5¼% interest will become 91.4? in real money a year from now-and a lot less than that after taxes are paid on the interest...
Edward Ball, 91, a senior trustee of the multimillion-dollar Alfred I. duPont estate, Jacksonville, Fla. Ball is investing his cash in what he calls "Florida sand and mud." Says he: "Real estate of almost any type is a good buy. There's only so much of it here, and there are more people every month...
...courted so long. The source of this attention was a cache of erotic stories she had written, for cash, in the early 1940s; her patron was an anonymous collector who told her to "leave out the poetry and descriptions of anything but sex" and paid her a dollar a page. Published posthumously under the title Delta of Venus, these stories climbed the bestseller charts in mid-1977 and settled there for more than six months. Nearly a million paperback copies of the original have been sent out into the world...