Word: free
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Dates: during 1980-1989
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Questions about the First Lady's practice initially came up in 1982, and she responded by promising not to accept any more free outfits. But when TIME reported in 1988 that Mrs. Reagan had continued to borrow dresses for six more ! years, press secretary Elaine Crispen explained that she "set her own little rule, and she broke her own little rule...
...trillion or more each year. Often legitimately earned, this money has an endless variety of sources: an Argentine businessman who dodges currency-control laws to get his savings out of the country; a multinational corporation that seeks to "minimize" its tax burden by dumping its profits in tax-free havens; a South African investor who wants to avoid economic sanctions; an East German Communist leader who stashed a personal nest egg in Swiss bank accounts; or even the CIA and KGB when they need to finance espionage or covert activities overseas...
They apparently are, since many small countries have successfully attracted banking business by creating discreet, tax-free havens. In Luxembourg total bank deposits have grown from $40 billion in 1984 to more than $100 billion last year. In the wake of a drug-money scandal involving the Florida operations of Luxembourg-based Bank of Credit and Commerce International, the country has tried to burnish its public image by declaring money laundering a criminal offense, even while it has fortified its bank-secrecy rules...
...best way to do this is to raise energy prices and let free-market forces do the job of stimulating conservation. First, the federal gasoline tax should be increased substantially -- to at least 60 cents per gal., from the current 9 cents per gal., over the next four years. At the same time, the Government could begin setting up a program to tax the use of all fossil fuels. The size of the tax should vary according to how much carbon is released into the atmosphere when a particular fuel is burned. That would encourage a shift in consumption patterns...
International efforts to preserve the biosphere will not succeed unless the Third World goes along with them. The irony is that the laissez-faire, free- market rules that allowed the industrial world to prosper must now be suspended. "If the developing nations, home to 8 out of 10 people, repeat the pattern of development of the North," warns UNEP's Tolba, "if they reach the North's levels of consumer goods and fuel consumption, and if they continue to clear the forests, then our mutual destruction is assured...