Word: draconianism
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...Draconian new fiscal measures, but will they really help...
...through one of the worst cold spells in 30 years. Largely because of a lack of foreign exchange, the country had virtually run out of fuel oil, and thousands of homes and offices were without heat. As if that were not suffering enough, Demirel chose the moment to introduce draconian new fiscal measures, which one Western diplomat in Ankara called "the most significant economic step taken in Turkey since World...
Behind any persuasion, of course, must be the belief that a nation will take draconian steps. But the capability must be there for credibility. The White House is nearly convinced that we must apply some kind of "bloodless military pressure" to lodge that message in the minds of allies and enemies. But a central question remains: Would Carter ever send U.S. forces into real combat for the national interest...
...draconian measures have first hit the housing industry. Last week the National Association of Home Builders called an emergency meeting in Washington to bewail the high mortgage rates. The group's economist, Michael Sumichrast, darkly predicted that housing starts, which ran at a 1.9 million annual rate in September, will soon be cut in half. The soaring cost of money, he claimed, has already forced 10 million Americans to abandon temporarily plans for that dream house...
...years would alone be sufficient to discourage borrowing and spending. Through the first half of 1979, business was actually slowing somewhat as a result of bad winter weather and the gasoline squeeze, which together put a crimp in consumer purchasing. The Fed even began to fear that its seemingly draconian interest rates were pushing the economy headlong into recession...