Word: inflationitis
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Dates: during 1960-1969
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Crude Instruments. There were risks involved in what the economists did, notably in lifting Sukarno's foreign-exchange restrictions to stimulate exports. "It was like a doctor operating on a patient," says Mohammad Sadli, head of the Foreign Investment Board. "The patient was too weak, and our instruments were...
Increases in interest rates have usually been tolerated as a necessary evil in the fight against inflation. Last week, after announcing the fifth rise in the prime rate since December, U.S. bankers were greeted by an uncommon backlash. Criticism of the move came not only from the perennial easy-money...
Warning from Treasury. Economist Norman Strunk, executive vice president of the United States Savings and Loan League, faulted the big banks for expanding their lending during May at an annual rate of 17%. "No wonder they ran out of money and had to raise their rate," he said. "While bank...
That view won official seconding from President Nixon's chief economist, Paul McCracken. He told the convention of the American Bankers Association in Copenhagen that bankers had continued "for too long making commitments to lend," when funds were obviously not going to be in limitless supply. Because of their...
Favored Customers. In the face of the obvious need to control inflation by restricting lending, the big banks have been circumventing the Federal Reserve's credit-tightening measures. To keep favored customers happy, they have even been willing to pay more for some funds than they can get by...