Word: dollar
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Dates: during 1970-1979
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...Government regulations, the entry of so many untrained first-time workers into the labor force, and the decline of research and development, in part because managers have concluded that inflation makes the payoff too distant, too uncertain. Turgid productivity, which aggravated inflation and contributed to the debauch of the dollar in world markets, is as serious as any problem that the nation faces as it enters the 1980s...
...left with the impression-indeed it is cultivated assiduously by the largest gaggle of public relations people ever to batten on the flank of culture-that art prices can only go up; the market has transcended its old uncertainty, whether the objects are million-dollar Titians or ten-buck trash "collectibles...
...turning it from one painting among others into a dead whale on a flatcar, a curiosity to be gawped at. To most people visiting the Met, Rembrandt's Aristotle Contemplating the Bust of Homer, bought amid vast publicity in 1961 for $2.3 million, is still "the two-million-dollar Rembrandt." It is removed, none too subtly, from all other Rembrandts. In the meantime, the clichés of art appreciation-"masterpiece," "genius," "deep humanity," "quality," "values" and the rest of that fustian-become, in the face of a spiraling market, a dead language, analogous to advertising copy and producing...
That weapon was being battered last week. In hectic trading, the dollar plunged before recovering slightly. Gold, the traditional shelter in troubled times, rose to a record close of $434 per oz. in London, up $52 in five weeks. Traders worried mostly about the volatility of the Iranian confrontation, and they were also troubled by rising oil prices and the slight softening of U.S. interest rates...
What mainly had changed was that Hannon and his aides had just been accused of multimillion-dollar mismanagement. By Byrne's estimate, Hannon's administration had allowed the school's red ink to soar to $500 million, while claiming the deficit stood no higher than $43 million. "They sat there and lied to me," said Byrne, recalling a recent upbeat discussion of school finances with Hannon and his aides. "I don't think anybody with half a brain can mistake the difference between $43 million and $500 million." That was a puzzling claim, since Byrne herself...