Word: economists
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Dates: during 1970-1979
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...rush to collectibles like period furniture, Chinese ceramics and rare postage stamps has been luring wealthy investors for years. But the Price Spiral of '79 has turned the investment binge into a man-in-the-street stampede to tangibles of all sorts. Explains Wall Street Economist Gary Wenglowski...
...live-aboard mate, dies a hot and horrible death, the victim of an inexplicable assassination. Desperate and half demented, McGee writes a note leaving all - The Busted Flush and Miss Agnes, the elderly "hand-hewn" Rolls-Royce pickup truck - to his old pal and counselor, Meyer, a famed economist who inhabits the next-door houseboat, John Maynard Keynes. The salvager plucks his life savings of $9,300 from a cache and becomes Tom McGraw, a retired fisherman. Following a ritual clue Gretel had given him a few days before dying, he heads for northern California, in search of a fictitious...
TIME's board predicts only moderate relief. The peak of inflation has been reached, but the road down will be slow. David Grove, a private consultant and former chief economist for IBM, foresees a 1980 inflation rate of 9.5%, or double the level of only three years ago. Says he: "Inflation will continue as long ahead as we can see." Okun maintains that the latest surge of inflation has placed the economy on a higher price plateau, where it will stay for years to come. Even after the recession is over, he predicts, prices will be increasing...
Greenspan, who as chief economist in the Ford Administration devised the measures that helped pull inflation down from 12.2% in 1974 to 4.8% when Jimmy Carter took office, is the most confident of the board members that stringent fiscal and monetary policies alone can work again. He predicts that if a firm hand is kept on the economy and the political leaders avoid the temptation to stimulate growth just to get elected, inflation will decline to perhaps 6% in 1981. No matter how high the cost of curbing the price plague, concludes Greenspan, some unpleasant medicine taken now will...
...raised the value of its muscular mark by 2% against other European currencies to discourage speculators from dumping dollars to buy marks. But all it took was some news about the U.S. trade deficit to send the buck plunging sharply anyway. Most members of TIME's Board of Economists expect the dollar to fall further. So long as inflation in the U.S. remains steeper than in other leading industrial countries, says Economist Otto Eckstein, "the dollar is indefensible...