Word: european
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Dates: during 1970-1979
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...European Economic Correspondent Friedel Ungeheuer, who reported foreign reaction to the U.S. monetary moves, studied economics at Harvard (Class of '56) under John Kenneth Galbraith. "After breaking his leg in a skiing accident," says Ungeheuer, "Galbraith regaled his students with an unsentimental view of human fallibility, reminding them that man's greed and short memory make monetary history eminently repeatable." Such lessons, notes Ungeheuer, "blessed us with that indispensable tool of economic journalism: magnificent hindsight." Last year, however, when reporting on the coming gold rush for TIME, Ungeheuer demonstrated the much rarer gift of economic foresight, predicting...
...approach, however, finance men and bankers now saw not just another quick fix but a direct assault on inflation itself. Said West German Finance Minister Hans Matthöfer: "The package goes straight to the heart of the problem." Brussels Banker Roland Leuschel expressed a conviction shared by almost all European moneymen: "Throttling back on the money supply itself will be much more effective than raising interest rates in the fight against inflation. Paul Volcker is attacking inflation at its source...
Admirers of the "Volcker package," is European central bankers are already calling the Fed's moves, praise it mainly for the promise it holds that the U.S. will be able at last to control the availability of credit, as opposed to just its cost. After a full decade of high inflation, economists are pretty much agreed that the levers that have traditionally been used to control the flow of money into the economy?namely, the key interest rates that the Fed manipulates?have failed. This is in large part because the traditional concepts of money itself are outdated...
...inflationary flow of Eurodollars into the economy do not go far enough. In London, Geneva and other offshore finance centers, no sooner were the Fed's money-tightening moves announced than finance men began huddling with their lawyers, looking for ways to circumvent the new rules. Reports TIME'S European economic correspondent Friedel Ungeheuer from Brussels: "The game of the week is finding loopholes in the Fed's effort to keep Eurodollars out of the U.S. Like water finding the same level in connected containers, an ocean of money can flow through even the smallest opening...
...December meeting in Brussels, the NATO members are scheduled to reach a decision on new weapons. To achieve rough parity with the growing number of SS-20 Soviet missiles targeted on European cities, NATO plans to deploy around the mid-1980s nuclear-tipped Pershing II and ground-launched Cruise missiles with a combined total of 572 warheads. Says Peter Corterier, spokesman for foreign affairs in the West German Social Democratic Party: "For the alliance to act credibly and to negotiate with the Soviets, it must make its decision now to accept nuclear weapons in the European theater. Otherwise, no arms...