Word: excessives
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Still, some basic factors will moderate future price boosts. Tough fiscal-monetary policy has removed excess demand from the nation's economy, and rising unemployment will gradually check labor-cost inflation. Wage increases will diminish, at least for nonunion men, because companies are no longer avidly competing for scarce labor. Productivity will go up as employers lay off the extra workers whom they have been hoarding and remaining workers start to hustle to avoid being laid off themselves...
...Heller, all former Chairmen of the Council of Economic Advisers, predicted that the auto increase could make "dismal reading" out of October price figures. Even that paper, however, conceded that inflation "at last shows signs of ebbing." The business slowdown engineered by the Nixon Administration has clearly wrung much excess demand out of the economy...
Officials of the Los Angeles-based United California Bank, with assets in excess of $5 billion, have promised to make good the subsidiary's losses up to $40 million when the audit is completed, but that will take months. "It's the most complicated affair I have come across in my long career," says Frank L. King, chairman of the Los Angeles bank, itself a subsidiary of Western Bancorporation, a holding company that controls 23 banks...
...Some bankers suspect that Federal Reserve Chairman Arthur Burns is expanding the supply rapidly in hopes of bringing down interest rates to help out his fellow Republicans in the November elections. Key short-term interest rates already have fallen. The "federal funds" rate at which banks borrow excess reserves from each other has declined from 8% or 9% earlier this year to 5⅞% in New York City...
...past 100 years, the amount of food taken from the sea has multiplied more than tenfold, a rate in excess of global population growth. But the annual world catch-now about 60 million metric tons-cannot continue growing indefinitely. In fact, such sea staples as California sardines, Northwest Pacific salmon and Barents Sea cod -not to mention the beleaguered whale -are already rapidly dwindling. Contrary to the myth, Fisheries Biologist William Ricker recently warned, in a National Academy of Sciences report, the sea is not "a limitless reservoir of food energy...