Word: dollar
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Dates: during 1970-1979
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...hardly have been worse. Carter must cope with an intolerably high rate of inflation, expected to be 9.5% for 1978, and the prospects of a recession next year; the OPEC decision significantly augments both problems and makes them that much harder to deal with. Reflecting the difficulties ahead, the dollar fell an average of 2.25% against major European currencies last week until it was temporarily rescued by large-scale intervention from central banks. The Dow Jones dropped 17.84, to 787.51 before rallying at week...
...main reason for the price hike was clear. OPEC wanted to regain the purchasing power it had lost because of the dollar's decline, 28% since December 1976. Despite huge oil revenues, eight of the OPEC member nations ran deficits in the first half of 1978; as a group, they became the biggest international borrowers, with a total of $5.2 billion in loans and withdrawals. Surprisingly, many American businessmen do not blame OPEC for raising the price as much as it did. "If you take an 18-month time period," says Carlton Jones, manager of energy analysis at Pace...
...three special events in the Carter presidency were the Camp David summit meeting on the Middle East, last month's action to bolster the dollar and dampen inflation, and the normalization of relations with China. The public reaction to Carter's decisions is still uneven, but it is commonly believed around the capital that his decisiveness and the smooth execution of his plans have shored up his leadership, and that his new strength will soon be reflected in more public respect for the President...
Unfortunately, budget trimming by OMB seems small when weighed against the remorseless growth of federal expenditures that are mandated by law. Such "entitlement programs" as Social Security. Medicare and federal pensions account for nearly two-thirds of the budget, and in HEW they claim 89c of every dollar. Social Security alone costs $104 billion. Unless the growth of benefits is slowed, the whole Social Security system?as well as the budget?will be in deep trouble. Says Alice Rivlin, director of the Congressional Budget Office: "If you're really concerned about the growth in Government, then you have...
...wobbling dollar, but a more cheerful and indeed more bankable asset: Kermit the Frog. He is the gallant and slightly desperate master of ceremonies of a weekly eruption called The Muppet Show, which in its third season on the air has become what is almost certainly the most popular television entertainment now being produced on earth. The Muppet series is seen by at least 235 million people in 106 countries. Those who have not met Kermit will ask, in thank-you-not-today tones, "A frog?" And they will ask, "Adult?" The answer to the first question is a confident...