Word: expectance
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Dates: during 1970-1979
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Past summits have taught the participants to be prudent about raising excessive expectations. One U.S. Sherpa last week was already lamenting that "right now it looks like it will be all mush and mirrors." West German Chancellor Helmut Schmidt has conceded that "we should not expect massive breakthroughs at Tokyo" but rather should aim for "a set of priorities about what should and should not be done." As Schmidt said last week, even if their accomplishments have sometimes seemed meager, the economic summits have helped the world avoid a repetition of the great Depression of the 1930s "which would have...
...Parliament met ten or twelve times a year. The new members expect to work harder, and will be paid the same salaries they would have received as members of their national legislative bodies (which vary widely), plus travel allowances. These could prove to be considerable if the Parliament sticks to its plan to hold half its monthly plenary sessions in Strasbourg, the other half in Luxembourg and nearly all committee meetings in Brussels. But the political heavyweights are already chafing about that idea. Brandt, for one, in an initial show of parliamentary independence, declared that the seat...
Typically, Evans is now the most vocal of a small (but not modest) band of experts who assert that the U.S. is already in recession. That conflicts with the views of most other economists, who expect the slump to start this summer. In one of his last reports for Chase Econometrics, a computerized forecasting service that he is leaving in September, Evans notes that housing starts, retail sales, personal income and especially new durable goods orders have either slowed or fallen sharply. His conclusion: "You can't have an 8½% drop in new orders in one month...
...surprises are expected at Vienna. Said a U.S. official: "The Soviets certainly don't want any." The summit's chief value will be that Carter and Brezhnev have finally got together and demonstrated that they consider détente to be very much alive. "We will urge greater cooperation between us and emphasize that détente is a two-way street, as we always have," said a senior Administration official, "but realistically, we cannot expect much more to be accomplished...
...most other industrial nations have escaped the supply problems that are troubling Americans, but that is beginning to change. Oil consumption in Japan, which grew last year by only 1.5% because of slack in its economy, is now climbing at 5% annually. Japanese officials expect a supply shortfall of perhaps as much as 5% by midsummer. Even Britain, whose oil output from the North Sea is already 1.5 million bbl. daily and climbing rapidly, is experiencing sporadic but spreading shortages at the pump. Last week West Germany as well suffered its first gasoline delivery cutbacks...