Word: inflationitis
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Dates: during 1960-1969
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In the stormiest days of Depression and New Deal, few men other than The Chief suffered the sustained abuse, year after year, in peace and war, that buffeted Henry Morgenthau Jr. On his appointment as Treasury Secretary at age 42, his own sister commented: "Henry knows nothing about finance." Cheap...
In their determined efforts to maneuver between recession and further inflation, the Johnson Administration's economic policymakers have somehow managed with splendid impartiality to alienate some of the more important segments of Congress, labor, business, the banking community and the formidable fraternity of economists. Last week the simmer of...
In the absence of legal controls, the main federal influence on the economy is the budget. But which one? The traditional administrative budget measures the amount the Administration will ask of Congress in the form of appropriations. For fiscal 1968, beginning next July 1, it amounts to $135 billion and...
Still, the bumpy rate cuts dramatically signaled an end to the pressures that last year drove interest in the U.S. to a 45-year peak. When the Federal Reserve Board hiked its discount rate from 4% to 41% in late 1965 to fight inflation, commercial banks lifted their prime rate...
Now the I.C.O. is moving even more directly against the heart of coffee's problem: oversupply. Brazil, the big gest producer, has taken the lead. It grows enough coffee each year to sup ply two-thirds of the world's needs, has enough surplus in storage to supply...