Word: growed
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Dates: during 1960-1969
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...they leave? In Miami, where most of the refugees were flown, one said: "We were superhungry." A mother said that she did not want her child "to grow up under Communism," and others complained of arduous working conditions. While it is true that the U.S. and Cuba reached an agreement in 1965 under which 132,421 Cubans so far have left for the U.S., the average Cuban applicant must put in one to two years as an unpaid agricultural laborer until his name comes up on the list. For some Cubans, that is too long...
...section dealing with the confrontation between the university and the community at large, Kevin White, mayor of Boston, takes on those who oppose university involvement in urban problems. The cities must not be permitted to deteriorate, says White, because "the city and its academic institutions will either grow together or decline together...
Money supply-currency, plus checking accounts and time deposits in the nation's 14,000 commercial banks-needs to expand as population and production grow. The Federal Reserve Board controls the expansion, largely by buying or selling Government bonds. In the process, it makes adjustments for peak periods of demand, such as the Christmas shopping season, or times when the Treasury must borrow heavily to finance budget deficits. In addition, the Federal Reserve tries to use its monetary powers to moderate the ups and downs of U.S. business. But Friedman says that the board repeatedly errs in the rate...
...April 1965 and April 1966, for example, the money supply climbed at the rate of 9½% a year, and the war-swollen economy began to suffer from inflation. When the Reserve Board overreacted, it slammed on the brakes too hard. Until January 1967, money supply was allowed to grow at a yearly rate of only 3.8%. The result, says Friedman, was the first-quarter slowdown that analysts dubbed the mini-recession of 1967. Since January 1967, the money supply has increased at a 9.9% annual rate, and Friedman blames today's inflation primarily on that fact. Last year...
Friedman's main point is that the Reserve Board should simply let the money supply grow at a constant rate of about 5% a year, in line with the real growth of the nation's output of goods and services. An increasing number of experts agree with him. Last summer the congressional Joint Economic Committee urged the Federal Reserve to expand the money supply no less than 2% and no more than 6% a year. Last week 40 out of 71 economists who responded to a survey by a House subcommittee urged the Reserve Board to increase...