Word: feds
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Dates: during 1980-1989
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...innocently every four years, and the impulse to believe in even a microcosmic place of innocence is powerful. When Ben Johnson ran out on the Games last week, he left behind a world of doubt. Indomitable athletes who continued about their business as though nothing extraordinary had happened only fed the doubt. Everything...
...Cassandras predicted that huge deficits during an economic recovery would inevitably lead to renewed inflation (if the Fed went along by increasing the money supply) or an interest-rate squeeze and a U-turn back into recession (if the Fed held fast). They also were wrong. They overlooked the new globalization of credit markets and the willingness of foreigners to step in and supply the dough. The Cassandras have been updating their scenarios throughout the 1980s: the overvalued dollar will destroy American industry; or, the undervalued dollar will hand American industry to foreigners; or, when the foreigners get tired...
...there from here? That is, How do we engineer a reduction in consumption that will lead to productive investment rather than a self-feeding economic contraction and recession? Actually, there isn't much dispute about this one. If the deficit were to come down, the Fed would gladly accommodate this "tight" fiscal policy with a "loose" monetary policy. Low interest rates would spur private investment to take up the slack in demand, and everyone would live happily ever after...
...second is the principle that there is a trade-off between policies to prevent recession and policies to prevent inflation. Antirecession medicines are pleasant, even addictive, while anti-inflation medicines are not, and Presidents always prefer the former. The moral challenge for our society is not to squander the Fed's tremendously costly victory over the inflation of the early 1980s. Any program of reviving investment and savings depends on having a stable currency...
...pancreas and an internal blockage for which the Emperor had undergone an intestinal-bypass operation a year ago. They acknowledged for the first time the presence of a tumor in the Emperor's pancreas. For four days, as he received a series of blood transfusions and was fed intravenously, his condition remained fairly stable, but then it began once again to deteriorate. In the meantime, Crown Prince Akihito, 54, was asked by the Cabinet to assume temporarily his father's official but largely ceremonial duties...