Word: feds
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Dates: during 1980-1989
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...conventional morality, democracy and so on. Most important among these interests is that American banks and businesses be allowed to enjoy the "favorable economic climate" of U.S.-backed dictatorships, which keep wages and taxes low while providing cheap natural resources. Meanwhile the U.S. must constantly take care lest revolutionaries--fed up with the poverty, illiteracy and political terrorism under U.S.-sponsored military governments--lure these countries out of the Free World...
...money supply, the Reserve Board nudged interest rates up a notch. The benchmark prime rate that banks charge top corporate customers rose from 10.5% to 11%. Some members of the TIME board felt that the economy would have cooled off to a sustainable growth rate without the Fed's intervention. Said University of Minnesota Professor Walter Heller: "The Reserve Board tightened unnecessarily. It didn't make any sense...
...Fed's action may have been partly responsible for a 1.4% drop in retail sales in August, which was reported last week. Another indication of the slowing recovery was August's .9% growth in industrial production, the lowest increase since last February...
...some fields idle. The Agriculture Department said last week that this year's corn crop would be 48% smaller than last year's. The price of corn has already gone up about 60% since January, a surge that will eventually boost the cost of meat from corn-fed livestock. Schultze said that food prices would rise more than 5% next year, adding .5% to what the inflation rate would otherwise...
...borrowing money is four to five percentage points higher than the traditional level. One reason: investors and financial institutions are demanding more interest for their money because they fear that Government deficits will eventually force the Federal Reserve to expand the money supply enough to rekindle inflation. The Fed must chart a narrow course between providing too much money, which would fan inflation fears, and being too stingy, which might stall the recovery. As a result, TIME'S economists predicted, the prime rate will hover around its current 11% level through 1984. Said Alan Greenspan, an economic consultant...