Word: interesting
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Dates: during 1970-1979
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Volck' er i za' tion, n. 1: a process of money management whereby interest rates are kept high at a time of deepening recession; 2: a reliance on tight monetary policy in order to protect the value of the dollar abroad and quell inflation at home...
...chairman is already making the rounds in Washington. Though he has headed the U.S.'s central bank for a little more than seven weeks, tall, taciturn Paul A. Volcker has lost no time in establishing himself as a staunch inflation fighter, dollar defender and hard-liner on interest rates. Since he took charge on Aug. 6, the key rates used to manipulate credit policy have shot up dramatically. The Fed last week raised the discount rate, which is the interest it charges on money that it lends to member banks, by a half-point, to 11%, a record high...
...anomaly, however, is the fact that despite the heights that interest rates have reached, there has been no shortage of cash for borrowers. Indeed, the money supply grew at a fast annual rate of close to 13% in the past two months. Though Volcker feels that the growth should be curbed, the spread of such financial innovations as credit cards and savings certificates tied to Treasury bill rates have lessened the Fed's ability to control the nation's money stock...
...signs that the recession will be deeper and longer than was predicted only three months ago. So some economists dispute Volcker's assertion that "what basically is good for the dollar is good for the economy at home." They are fearful that in his zeal to raise interest rates to buttress the buck abroad, he will worsen the Interest rates have been rising through the industrialized world since July, as governments try to curb inflation. But the U.S. has been playing catch-up with European and Japanese rates. At present, U.S. interest levels are no higher than existing...
...Capitol in the sun or the wind to speak their piece when it would be easier and cheaper to get into a cab and broadcast right from the studio? At least all three network news shows are no longer lookalikes. One of them overworks the eye in the interest of excitement. The other two spend vast sums photographing events but don't let pictures distract from the serious business of dispensing information. Viewers who choose the former deserve what they...