Word: imported
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...year preceding the election, the money supply was increased by an astonishing 23%. At one point, the government's indebtedness totaled $1.5 billion. Marcos is faced with paying the bills. Hoping to fend off devaluation of the peso and improve a costly payments imbalance, Marcos has imposed import taxes so stiff that the price of a legally imported $3,000 car has risen to $20,000. Government spending has been slashed, and old loans are desperately being renegotiated. Sizable short-term loans are being sought abroad...
...violated these laws?and endangered nature as well as himself. When a primitive community ran out of food, it had to move on or perish. It could harm only its own immediate environment. But a modern community can destroy its land and still import food, thus possibly destroying ever more distant land without knowing or caring. Technological man is so aware of his strength that he is unaware of his weakness?the fact that his pressure upon nature may provoke revenge...
There is no doubt that the U.S. could stop inflation cold if it really wanted to. Some economists, notably including Arthur Okun and Walter Heller, * point out that many basic prices would come down quickly and sharply if the Government eliminated most farm-price supports, oil-import quotas, fair-trade laws and tariffs. The U.S. could also strike a mighty blow against inflation if it attacked union apprenticeship rules, which limit the supply and drive up the wages of skilled craftsmen. Economists concede that such structural changes are politically difficult if not impossible to enact. Still, the Government could change...
Within the Administration, there is some talk about loosening the steel-import quotas. Hendrik Houthakker, a member of Nixon's Council of Economic Advisers, has been recommending that the U.S. also allow more oil and beef imports to enter. On the other hand, Nixon is committed to limiting the imports of textiles, and he does not seem ready to take big steps toward freer trade...
...bottom, both the current debate and the historic justification for import restrictions rest primarily on a highly questionable assumption: that Texas and Louisiana producers must be protected to provide a reliable supply of oil in time of emergency. The argument has become increasingly threadbare. The U.S. has varied and reliable sources of supply, including Canada and Venezuela, and Alaska North Slope oil will be coming on stream in 1975. That would be enough to assure supplies through anything but a nuclear war, when the question would probably be irrelevant...