Word: inflationitis
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Dates: during 1960-1969
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It was not entirely Frei's fault. From the beginning of his six-year term, the elements seemed to combine against him in one calamity after another. Chile was racked by destructive earthquakes and storms; now it is suffering the worst drought in its recorded history (TIME, Jan. 24...
Shopkeepers to the Streets. Big wage increases could put new inflationary pressures on an economy that is already severely strained. Because inflation has hindered exports and stoked domestic demand for imports, French trade deficits ran more than $200 million a month in both December and January. Devaluation of the franc...
Most of the critics are directing their fire from grounds first staked out by Economist Milton Friedman, who contends that the nation's money supply should be expanded within a fairly steady range of 2% to 6% a year-just enough to match the "normal" pace of economic expansion...
Even the board's apologists admit that, since about 1965, it has repeatedly overreacted to political considerations. It is widely agreed that the board let the money supply shoot up much too fast late in 1965, contract too sharply in mid-1966 and then rise too rapidly in 1967...
In the imperfect art of managing money, Martin and his Federal Reserve have bumbled often. Yet they have many strengths. The 62-year-old chairman is one of Washington's most astute politicians and a master at wringing consensus from the diverse personalities among the seven Federal Reserve governors...