Word: iv
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Dates: during 1970-1979
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...Nixon Administration first imposed wage and price controls in August 1971 to damp down the fires of inflation, consumer prices were rising at a worrisome rate of 4% a year. Since then the controls have been loosened, tightened and loosened again as the nation went through Phases I through IV, not to mention Freezes I and II. After all the tinkering, prices are now rising at a 9% annual rate. Partly in view of that record, the Administration last week announced that it would ask Congress to allow almost all economic controls to expire at the end of April...
...monarchist followers as Emperor Otto I of Austria and King Otto II of Hungary. Scion of one of the great European dynasties -along with the Bourbons, the Windsors and Hohenzollerns-Otto von Habsburg was exiled in 1919 with his then reigning father, Emperor Charles 1 of Austria (King Charles IV of Hungary). Before the Anschluss in 1938, Hitler offered to restore Otto to his throne if he would support Nazi ideology. He refused, and during World War II, when he lived in the U.S., he advised U.S. President Franklin Roosevelt on Central European affairs. Now a spry 66, he lives...
...view of many economists, the President lost whatever small chance he had to curb inflation with controls. In June the White House imposed a price freeze that eventually led to a distressing beef shortage, and last August it went on to the wage-price controls of Phase IV, which is widely regarded as a failure...
...fiscal 1973, and it proved too much of a stimulus for an economy that was already straining close to its limits. The result: a burst of demand-pull inflation and a spate of shortages that forced President Nixon to clamp on another wage-price freeze and institute Phase IV. Had the full-employment target been set higher, the overheated condition of the economy might have been discerned sooner...
...emancipation of the auto industry was the latest step in the Administration's plan to phase out Phase IV on a lingering, piecemeal basis (TIME, Dec. 3). In recent weeks, controls have been lifted from the zinc, lead, cement and fertilizer industries in an attempt to encourage companies to boost production of these scarce items. As a result, prices for these products have shot up, in some cases by 50% or more. But in freeing the carmakers, COLC Chief John Dunlop was reverting to an earlier policy goal: permitting higher prices now in exchange for a modicum of price...