Word: inflationâ
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Political orientation seems to make no difference. Greece, ruled by a right-wing military dictatorship, is reeling from a 33% inflation???the worst in Europe. Conservative Switzerland, long regarded as a bastion of financial prudence, registers an almost 12% annual inflation. In the Communist world, government control of the economy makes most price figures meaningless, but one nation?Yugoslavia?maintains a market system, and there, prices are zooming at the rate of 22% a year...
...before ballot time. But at least one of the President's most trusted advisers has counseled him to risk unpopularity in 1970 and concentrate on stopping inflation before the 1972 presidential race. Any letup now, he feels, would give Nixon a politically lethal credibility gap on the issue of inflation???a gap that could
Threat of Fires. But the greatest immediate concern was political. Two of the main problems that turned France upside down?student unrest and inflation???are endemic to most of Europe. Indeed, until three weeks ago, European students elsewhere had been far more ferocious than the French ones. Now, in an ominous emulation, Belgian students last week seized the university in Brussels, and New Left students in England placed the black flag of anarchy atop the London School of Economics. Warned the West German weekly Rheinischer Merkur: "France does not stand outside the political streams and conflicts of the Western world...
...piece of fiscal news down before the House Committee?namely, that the Federal Reserve was in the market for U. S. securities as never before. Its purchases were part of the Government's new determination to pump credit into the country?a process its friends call "reflation" instead of inflation???under the provisions of the Glass-Steagall bill. Not until its statement was issued later in the week was the full extent of the Federal Reserve's pumpings evident to the country...
Most economists view R. F. C. as inflation???the creation of credit where credit did not exist before. But President Hoover, like many another man to whom words are good or bad per se, dislikes the word inflation, prefers to call his relief policies counter-deflation. Business and banking have been spinning in a downward spiral?bank runs, heavy sales of assets to keep liquid, reduced security values, more fear, more runs, more sales, still lower values. It is to arrest this process that the Government has interposed R. F. C. on the theory that $2,000,000,000 will...