Word: grained
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...told 300 listeners in Peking's Great Hall of the People. "To base oneself on illusions will only abet the ambitions of expansionists and lead to grave consequences. In the face of the growing danger of war, China's fundamental policy is to dig tunnels deep, store grain everywhere and never seek hegemony...
Under heavy political pressure, the Ford Administration set out about six weeks ago to convert the Soviet Union from an in-and-out, market-disrupting buyer of U.S. grain to a steady customer that makes regular purchases in agreed-on amounts. Last week in Moscow, U.S. and Soviet negotiators signed a five-year agreement that should accomplish that goal and lessen the inflationary impact of future Soviet buying by enabling markets to anticipate it. In contrast to the furious criticism that has greeted past U.S. grain sales to the Soviets, this deal satisfied almost everyone except American farmers who wanted...
Inflation Hedge. Under the new grain pact, the Soviets pledged to buy at least 6 million metric tons of U.S. wheat and corn in each of the next five crop years starting in October 1976-whether they need it or not (any surplus presumably would be stored against future Soviet food shortages). They will be permitted to buy as much as 2 million tons more in any year, unless U.S. grain supplies fall below 225 million tons. That has not happened in 15 years; current supplies are 263 million tons. But if the Soviets want to buy more than...
Private economists think that the additional purchases will lift the food bills of U.S. consumers little if at all over the next twelve months-partly because the inflationary damage has already been done. The Agriculture Department has estimated that Russian grain buying would raise U.S. food bills 1.5% through 1976; Otto Eckstein, a member of TIME Board of Economists, figures that food prices next July will be 10% higher than last July, and that 3% to 4% of that will be the result of grain sales to the Soviets. But most of that rise is over; "the market already...
What happens next? One view is that having proved her leadership with the emergency and having reaped the political benefits of a bumper grain harvest, Mrs. Gandhi will be in a strong position next spring to end the emergency and hold elections. Another view holds that since she already has a two-thirds majority in Parliament, there would be no need for her to risk a campaign and all its attendant criticism from opposition leaders and an unshackled press. There are signs of a drift toward a cult of personality. The back of one bus bears the florid declaration COURAGE...