Word: german
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Dates: during 1970-1979
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...summit, to be sure, has a full agenda of other, leftover economic topics. But with the West German and Japanese domestic economies now pulling their weight, the old problem of economic growth and recovery has become less urgent. The dollar is riding higher these days, so monetary questions will also be secondary, even if, as one U.S. official warned, "there is almost certain to be turbulence in the money markets later this year." And with the industrial economies themselves newly threatened by the energy crunch, there is bound to be little enthusiasm for fresh initiatives toward the developing countries...
Strategic perceptions vary accordingly. French President Valery Giscard d'Estaing, for instance, is expected to lobby strenuously for legislated energy saving and tight price controls in the name of "consumer solidarity." Many Japanese and West German experts, however, argue that governments should not interfere with market forces. Their theory is that ultimately only higher oil prices will force consumers to economize and encourage other forms of energy. Says Tokyo Economist Nobutane Kiuchi: "It may take another recession before the leaders learn this fact." Significantly enough, the three newest members of the summit club -Britain's Margaret Thatcher, Canada...
Neither side so far has produced convincing statistics, but by last week the squabbling had degenerated into some of the nastiest transatlantic name-calling in years. The West German Economics Minister, Count Otto Lambsdorff, expressed "surprise and regret" at the U.S. subsidy. One of his assistants captured the prevailing sentiment: "It hurts when your friends stab you in the back." In Washington, French Foreign Minister Jean François-Poncet led a weeklong parade of protesting diplomats through the White House. François-Poncet got a mere 15-minute meeting with President Carter, and that reflected the crisp indifference...
...which Senator Bentsen is chairman, began special hearings into the productivity sag. From expert witnesses, the committee heard that despite the recent decline, the U.S. still has the world's highest level of productivity, but the lead is shrinking rapidly. In 1950 it took seven Japanese or three German workers to match the industrial output of one American; today two Japanese or 1.3 Germans can do as well. Last year the Japanese had a productivity increase of 8%; the U.S. gain was only .3%. In this year's first quarter, U.S. productivity actually fell at an annual rate...
DIED. Werner Forssmann, 74, Nobel-prize-winning German surgeon; of a heart attack; in Schopfheim, West Germany. Forssmann's 1956 prize recognized a feat he had performed 27 years earlier as an intern: defying a then prevalent medical taboo against tampering with the living heart, he threaded a thin tube through the vein of his left arm until it reached his right ventricle. The catheterization technique he thus pioneered became a standard tool in treating cardiac problems...