Word: imported
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Saigon's first priority, however, is to get its people-especially those who swarmed into the cities in pursuit of U.S. dollars-accustomed to the idea that the days of easy money and easy goods are over. When the U.S. buildup was in progress, the regime encouraged massive imports (800,000 motorbikes came in during one two-year period) as one way of damping the inflationary effects of the massive influx of U.S. dollars. Two years ago, when the U.S. pullout began, Saigon tried to cut down the flow of goods through heavy import taxes, but the main effect...
...government finally seems to be moving decisively against the import glut. The piaster, long ridiculously overvalued at a rate of 118 to the dollar, was pegged at a more realistic 275 last year; last week it was slashed further. For most transactions, the piaster would be pegged at 410 to the dollar -close to the black-market rate. Simultaneously, a system of varying exchange rates and customshouse taxes was imposed to make necessities like most foods and plant equipment cheaper to import while raising the cost of luxury items like caviar, Hondas and cars...
Freeze Peril. Deprived of cargo from the liners' holds, railroads, truckers and import-export dealers have lost millions of dollars. Shipowners, who were already suffering from a worldwide decline in orders (TIME, Aug. 9), found themselves idler than ever. New York Shipping Broker Theofilos Vatis estimates that North Atlantic freight rates for grain have fallen 20% in the past few weeks...
...sheer stagecraft. Treasury Secretary John Connally's stopover in Japan last week rivaled a Kabuki drama. Two weeks before his arrival, rumors began emanating from the U.S. and Japan: in exchange for lifting the American import surcharge, Connally would demand that Japan revalue the yen upward by 15%, reduce the number of color television sets, automobiles and other big-selling items it ships to the U.S., pay part of the cost of keeping U.S. forces in Japan and drop trade barriers against U.S. farm goods. The Tokyo press started referring to the Secretary as "Typhoon Connally...
...than the council had intended when it recommended such meetings as a way for the bishops to have a continuing voice in church developments. Today's synods, unable to exercise any real power of their own, merely advise the Pope of the bishops' thinking on subjects of import. This time the subjects were of import indeed: the crisis in the priestly ministry and the church's role in bringing peace and justice to the world. But the results reveal all too clearly the high cost of the bishops' lack of power. Despite flashes of fine intention...