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After reading your fascinating Oct. 28 article, I suggest we import Erhard, Vocke and Schaffer and teach our administrators how to do things...
...likely to anger foreign natipns -and raise cries that the U.S. preaches but does not practice free trade-is the fact that domestic sales, as the President himself noted, "have increased in recent years, reaching an alltime high last year." But despite this, domestic producers have campaigned for strict import curbs ever since 1949, complaining of low wages abroad and their own high costs. However, imports' total share of the market in 1956 was only 29%, and the "serious injury" the U.S. companies complained about amounted to barely an 8% increase in five years...
Both naka-darumi and oi-uchi seemed to be exactly what the country needed. Japanese industry, which must import virtually all its raw materials, has been expanding faster than it could sell the manufactured goods on world markets, thus threw its vital balance of trade out of kilter to the detriment of its entire economy. Through the second quarter of 1957, imports poured in at the rate of $5.1 billion annually, 60% more than in 1956 and $2.4 billion more than the most optimistic estimate of exports. The drain on Japan's foreign-exchange reserves reduced them from...
Tough Medicine. To tighten money, Finance Minister Ichimada asked Japan's central bank to 1) hike its rediscount rate from 7.3% to 8.4%, 2) tighten up reserves of commercial banks to make loans harder to get, and 3) raise deposit requirements on import licenses from 5% to 35% of the shipment's total value, thus immediately tying up an estimated $40 million worth of importers' funds. As a result, imports dropped an average $25 million monthly, were actually slightly behind currency-earning exports for the month of October. Moreover, inflation at home lost some of its steam...
Fire Under Her Skin, a French import no doubt better suited for domestic consumption, is one of the most egregiously bad films to be shown in Cambridge in recent years. The plot is muddled, disjointed, turgid, improbable; the entire production, heavy, unamusing, and completely pointless. It is, in all, a careless potpourri of violence and cheap melodrama interspersed with frequent sex scenes as raw and explicit as the censor will allow...