Word: keys
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Dates: during 1970-1979
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...will be able at last to control the availability of credit, as opposed to just its cost. After a full decade of high inflation, economists are pretty much agreed that the levers that have traditionally been used to control the flow of money into the economy?namely, the key interest rates that the Fed manipulates?have failed. This is in large part because the traditional concepts of money itself are outdated...
...delighted," says Sprinkel, executive vice president of Chicago's Harris Bank. "The Fed's actions greatly increase the odds of getting inflation under control in the longer run." Sprinkel has long argued that the old policy of trying to control the money supply by fine-tuning key interest rates often forced the board to pump more funds into the economy than it wanted to, thus aggravating inflation. "Now that they are focusing on central control of [banking] reserves," he says, "and assuming they follow through, I think it assures that we are going to have more stable money...
...alternative," says the former chief economic adviser to President Ford. "The new reserve requirements are significant because they will increase the cost of Eurodollars, which have been one of the major sources of funds flowing into the United States," pumping up credit availability and increasing inflation. "But the key and by far the most important change is to switch to a policy of constraining money supply as distinct from manipulating interest rates." Greenspan grants that "for an interim period, interest rates could be highly unstable; the prime rate could easily go up to 16%." But he would have gone further...
When the talks resumed, the guerrillas offered a constitutional plan of their own that rejected four key features of the British proposal: certain entrenched guarantees for whites; continued citizenship for immigrants who settled in Rhodesia after the 1965 Unilateral Declaration of Independence; pensions for former officials of the Salisbury regime; and compensation for any property seized by a future Zimbabwe government. Carrington promised to study the document, but insisted that his plan was the only possible basis for settlement and gave the guerrillas another 48 hours to accept...
...setting for the sermon on the Mall could hardly have been more dramatic. The preacher was Pope John Paul II, and his key topic was abortion. In the windswept Washington congregation of 175,000 sat Chief Justice Warren Burger, who concurred with the opinion that struck down all antiabortion laws. In the distance was the Capitol, where Congress had long been ensnarled in a nearly $500 billion budget impasse over abortion funding. Declared John Paul: "We will stand up every time that human life is threatened. When the sacredness of life before birth is attacked, we will stand...