Word: germanic
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Dates: during 1970-1979
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...Olympians race under the appelation of the Alte Achter Rowing Club, (Old Eight in German, site of their proudest moments) a name the six Harvard graduates gave to the organization they hoped would bring them together every year. The "club"--it has no permanent home--now fields entries in several events and, as a group, finished 26th in overall points. And Parker races under the A.A. credo in his single sculling...
...White House's much touted "dollar rescue package" of last November; it was slapped together as a sort of desperation move to prop up the dollar after foreign bankers last autumn looked at the guidelines scheme, judged it weak and began frantically dumping greenbacks and buying West German marks, Swiss francs and gold. Initially, the November rescue package did stabilize money markets, largely because the Federal Reserve began massively intervening in currency markets to buy dollars and support their value. But inflation kept rampaging domestically, and eventually the dollar began to crumble all over again...
...Volcker's approach, however, finance men and bankers now saw not just another quick fix but a direct assault on inflation itself. Said West German Finance Minister Hans Matthöfer: "The package goes straight to the heart of the problem." Brussels Banker Roland Leuschel expressed a conviction shared by almost all European moneymen: "Throttling back on the money supply itself will be much more effective than raising interest rates in the fight against inflation. Paul Volcker is attacking inflation at its source...
...change of strategy had been in the works since Sept. 29. On that date, Volcker and Treasury Secretary Miller met with their West German counterparts and Chancellor Helmut Schmidt in Hamburg as part of a series of continuing huddles that grew out of the now faltering dollar-rescue package of November 1978. The West Germans told the new Fed chief that any sort of Son of Rescue plan would now be simply unacceptable. If Washington wanted anything more than disdainful sympathy for its economic malaise, the Germans indicated, it would have to stage a sustained assault on inflation itself...
...they are 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...