Word: froze
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...Administration has made only gestures toward controlling food prices more effectively. For example, it froze coffee prices at the factory level two weeks ago. Its major anti-inflation effort of the summer has been the White House campaign to jawbone automakers into withdrawing proposed price increases ranging upward from $90 a vehicle. Last week the Cost of Living Council, which has been prodding the companies to shave their proposed increases, evidently decided to settle for a partial victory. It remained silent and thus tacitly accepted offers from General Motors and Ford to reduce the increase...
From $50 billion to $70 billion are now sloshing around the world as a result of chronic U.S. balance of payments deficits. Since last August, when President Nixon froze U.S. gold reserves, foreigners have been barred from exchanging any of this paper for bullion. Washington's international red ink is still gushing; so far this year the U.S. deficit in trade alone is $2.7 billion -more than all of last year, when the nation posted its first trade deficit in the 20th century...
...obdurate opponent of wage and price controls than George Pratt Shultz, the free-marketeering budget director. As one of the Administration's two or three most influential economic policymakers, he counseled President Nixon to pursue a hands-off approach. But when that policy demonstrably failed and the President froze wages and prices last Aug. 15, Shultz, the good soldier, helped set up the control mechanism and defended it against criticism. That kind of loyalty is rare among independent thinkers, and last week Shultz was rewarded. The President promoted him to Secretary of the Treasury, replacing John Connally...
...capitalistic combination of rampant inflation and a ballooning balance of payments deficit. By last August, Yugoslav consumer prices were 16% higher than a year earlier, and the balance of trade deficit soared 20%. In response, the government retreated toward central control of the economy. It held down wages, froze most prices, limited credit, restricted imports and devalued the dinar twice. The program held retail-price increases in the first quarter of 1972 to an acceptable 1.3%. In March, to bolster its trading ability, Yugoslavia obtained a $ 100 million stabilization loan from a trio of New York banks: Chase Manhattan, First...
...Price Commission have found it especially difficult to set rules for some parts of the enormously complex U.S. economy. Last week each group tackled one of its stickiest problems. In a surprise move, the Price Commission suspended all pending rate increases by privately owned utility firms. Its move temporarily froze prospective boosts that would have added billions of dollars annually to consumers' telephone, electric and gas bills. The Pay Board issued new rules governing merit raises, the form of pay increase that affects the vast majority of nonunion workers, including high-salaried executives and professionals...