Word: inflationitis
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Dates: during 1960-1969
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Until the Federal Reserve's September notice, loans to business had risen at an annual rate of 20%, thereby aggravating inflationary pressures. Since that time, the loans have dropped to a more sustainable increase of 7%, and the bond market, which had been disrupted because the banks were cashing...
Most important, the state sets maximum limits on wages and prices-through "guideposts" in the U.S., the "freeze" in Britain-in order to protect the corporate-planned economy from inflation. Galbraith found it amusing that such control, though a reality, is nonetheless still approached "with great caution and circumspection, somewhat...
The President in January projected a small, noninflationary budget deficit for fiscal 1967, which began in July. As it turned out, the cost of Viet Nam this year was $10 billion greater than the President publicly estimated, and, says Chicago Economist John Langum, "Viet Nam was to the booming economy...
Sequence of Squeeze. With inflation becoming a reality as prices jumped, the Federal Reserve at midyear made a hairpin turn. It shifted from expanding the money supply at a 6% annual rate to contracting it by a 2% rate, doing so by selling Government bonds to sop up cash. From...
President Johnson's 3.2% guidelines for wage and price increases are, in the light of some 1966 labor contracts negotiated with Administration approval, about as up-to-date as last year's newspaper. Nevertheless, the Administration intends to carry on what an aide calls "a jawbone campaign" urging...