Word: inflationitis
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Dates: during 1960-1969
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Sir: Richard Nixon [Jan. 24] wanted them and now he has them: Viet Nam, ghettos, taxes, inflation, France, Russia, Cuba, gun control, hunger, nuclear nonproliferation and strikes. Also, he faces added worries because: 1) the majority of the voters rejected him, 2) he must live up to his promises of...
At his first presidential press con ference last week, Richard Nixon placed the nation's economic problems on his list of matters that "require urgent attention." Promising "some fine tuning of our fiscal and monetary affairs to control inflation," the President expressed considerable concern over the rate at which...
"Unless we do control inflation, we will be confronted eventually with massive unemployment, because the history of economic affairs in this and other countries indicates that if inflation is allowed to get out of hand, eventually there has to be a bust."
¶ NUCLEAR POWER PLANTS. The company unwisely signed some "turnkey" contracts to supply complete plants at a fixed fee. Managers underestimated the devastating effects of inflation. They reckoned that construction costs would rise only 3% or 4% a year, but they have actually gone up about 12%. Result: losses on...
Window Dressing. For the moment, however, the dollar seems secure against the devaluation that a gold-price increase would involve. The U.S. last year ran a tiny balance-of-payments surplus, its first in eleven years. It was a victory with a high price. "No one should be deluded," says...