Word: fights
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Dates: during 1970-1979
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Instead of fooling with "monetary aggregates" and free-floating interest rates--which the public doesn't understand, and would probably fight if it did--the federal government could take steps to enforce gasoline conservation, either directly by legislated requirements for Detroit or indirectly by an exorbitant gas tax that would force car-makers to produce more efficient autos. There would be inevitable problems to work out, but the public would see a concrete step against inflation much more comprehensible and palatable than Volcker's fiddling...
...experience strengthened his view that the Federal Reserve had to take strong action to fight inflation and thus defend the dollar overseas. For a year, Volcker was a senior fellow at Princeton, but in 1975 he returned to the New York Fed as its president. In the past year Volcker voted at Federal Reserve meetings for tighter money and was consistently outvoted by his colleagues. Then he got the top job and, with the economy in dire trouble, finally won unanimous support for the measures that caused last week's furor...
ROBERT TRIFFIN: "Controlling the money supply is the best way to fight a recession," says this international money expert. "Certainly, initially, if we are to brake inflation, there will be some difficult periods to go through. The sooner, the faster we do it, the less gradual approach we adopt, the better chance we have to succeed, to turn the corner. I am very encouraged that part of Volcker's approach is an attempt to deal also with the problems posed by the Eurocurrency market. He emphasized more than before the rate of money supply growth on this market, rather...
...December 1978, Viet Nam invaded Cambodia, swiftly managed to depose Pol Pot and installed Samrin as President. In fierce fighting against the surviving Khmer Rouge cadres, food became a military weapon on both sides. Explained a Western military analyst in Bangkok last week: "If you can't grow food, you can't eat, and if you can't eat, you can't fight." Rice crops have been destroyed and planting new fields has become dangerous. Pol Pot's forces harass farmers in areas controlled by Viet Nam, while the Vietnamese do their best to prevent...
...religious orders. The competing theory, heard increasingly in the Vatican, is that churches that cater to contemporary notions in order to maintain church membership do not prosper. The decline of many liberalizing American Protestant churches seems to bear out that view. The biblical example of Gideon, who chose to fight with an army of 300 dedicated men rather than 22,000 fainthearts, seems to apply as well. If a tough policy on celibacy and against freeing priests from their vows means fewer priests, says one Vatican source, then "they are likely to be better priests...