Word: dollar
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Dates: during 1970-1979
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Whether the Pentagon can afford to pay billions more for manpower when it needs billions just for ammunition is going to be one of the most controversial questions in the defense budget debate. Yet even now, a surprising 600 of every Pentagon dollar goes for personnel costs. The Soviets, by contrast, devote less than 30% of their defense outlays to personnel. How the Kremlin does this is no secret. Because the U.S.S.R. never abolished conscription, 75% of all Soviet males are drafted. (The rest are deferred for the familiar reasons...
...DOLLAR UP SHARPLY; EUROPEANS APPLAUD U.S. ECONOMIC CURBS --New York Times, October...
...story on page 6. In the nation's money markets, large certificates of deposit and other short-term instruments quickly matched the one-point rise in the discount rate. See story on page 2. Foreign-exchange traders, happy about the Fed's actions, sent the U.S. dollar up by 2%; gold fell more than $17 an ounce. See story on page 3. But the U.S. stock, bond and commodities markets were less sanguine. See stories on pages...
...face the breakdown of NATO and eventual "Finlandization," as its members seek private accommodations with the Soviet Union. Warned Delaware Democrat Joe Biden, a leading pro-SALT Senator: "Our NATO allies have had their confidence shaken by our slow response to the energy crisis, by the decline of the dollar, and by what they perceive as American foreign policy setbacks. For the U.S. to repudiate SALT would send through Europe the most profound and far-reaching doubts about the U.S. as leader of the Western alliance...
...Yankee dollar's weakness on money markets also reflects decreased innovation. For years high-technology exports such as computers and telecommunications equipment provided a comfortable trade surplus. But since the early '70s foreign manufacturers have strongly challenged American industrial products, and the U.S. has been suffering increasingly severe trade deficits, thus weakening the dollar. It is all too easy to blame the trade deficit on skyrocketing oil prices, though they are a major cause; Japan, which must import all its oil, has maintained a trade surplus by developing high-technology products and aggressively selling them abroad. A prime...