Word: foreign
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Dates: during 1970-1979
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...look frighteningly similar to those of late 1929. Then the panic was spawned by the Federal Reserve's attempt to nip speculation by raising the discount rate a full percentage point from 5% to 6%. The nation's banks in 1929 had built up a pyramid of foreign debt. National City Bank judged that Peru had a "bad debt record, adverse moral and political risk, bad internal debt situation"-and then lent the country $90 million that was soon defaulted. Wall Street banks today have $48.7 billion in loans outstanding to Peru and other oil-poor developing countries...
...that they are focusing on central control of [banking] reserves," he says, "and assuming they follow through, I think it assures that we are going to have more stable money growth." Sprinkel adds that the new policy will reduce the inflationary expectations of consumers, businessmen and domestic and foreign financiers. "If you can get expectations down sooner," says he, "the cost of the renewed recession will be less severe than if those expectations had not been dented...
...Reserve Bank there were pleased because they had long advocated such a move. See story on page 6. In the nation's money markets, large certificates of deposit and other short-term instruments quickly matched the one-point rise in the discount rate. See story on page 2. Foreign-exchange traders, happy about the Fed's actions, sent the U.S. dollar up by 2%; gold fell more than $17 an ounce. See story on page 3. But the U.S. stock, bond and commodities markets were less sanguine. See stories on pages...
...members seek private accommodations with the Soviet Union. Warned Delaware Democrat Joe Biden, a leading pro-SALT Senator: "Our NATO allies have had their confidence shaken by our slow response to the energy crisis, by the decline of the dollar, and by what they perceive as American foreign policy setbacks. For the U.S. to repudiate SALT would send through Europe the most profound and far-reaching doubts about the U.S. as leader of the Western alliance...
...replaced by missiles with more warheads, a current Soviet practice. The removal of 20,000 troops from East Germany would still leave 400,000 to 500,000 Soviet servicemen in the country. The withdrawal of 1,000 tanks would leave 6,000 Soviet tanks. Says a West German foreign ministry official: "Strategically, this doesn't mean a damn thing. The numbers are so huge that this is a small bite." The Soviets, moreover, could pull out support personnel like military police, cooks and clerks. What is more, if the 20,000 troops are moved just inside the western Soviet...