Word: leveler
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Dates: during 1970-1979
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...public announcement of the proffered resignations produced a level of alarm and dismay that apparently surprised Carter and his inner circle. When the State Department reported that there was consternation in several overseas chancellories about what the effect might be on U.S. foreign policy, Carter authorized top aides to disclose that he would not accept the resignations of Vance, Defense Secretary Harold Brown and National Security Adviser Zbigniew Brzezinski. Almost everyone else was left to sweat out the President's decisions...
Jordan will now have the power to make middle-level decisions in Carter's stead. From the Cabinet and federal agencies, Jordan explains, policy suggestions will come to both Domestic Affairs Adviser Stuart Eizenstat and Foreign Affairs Adviser Zbigniew Brzezinski. If either of these two fails to reach agreement with Cabinet members, Jordan will step in before the dispute reaches Carter. Says he: "I will not be the pre-eminent policy person ... I see my role as one of coordination, accountability and responsibility...
...common view abroad was that the President omitted the two key elements: decontrol of U.S. crude oil prices so that domestic gasoline and heating fuel prices would rise to world levels (Americans still pay less than one half as much for gasoline and fuel oil as Europeans) and an emphasis on expanding nuclear energy. Commented Switzerland's Journal de Geneve: "The President feared, not without reason, that decontrol would push U.S. inflation to an intolerable level. But that also would have been a return to truth in pricing, which is the basis of American capitalism...
...desk of Treasury Under Secretary Anthony Solomon, who handles day-to-day defense of the dollar, began ringing incessantly. European central bankers and Finance Ministry officials demanded to know what was going on. Solomon could not provide inside information on what would happen next. Deprived of top-level advice, foreign money managers followed their instincts and bought some dollars to head off any major upset in the international exchange markets. The Federal Reserve Board also poured some $2 billion into the foreign exchanges to buy dollars, and at week's end the slide was stemmed. Still, in the past...
...there were no quota; imports so far in 1979 have averaged only 8.145 million bbl. a day. For 1980 the daily limit will be set somewhere between 8.2 million and 8.5 million bbl. Because the recession in the U.S. economy has begun, imports probably would not exceed that level in any case. If the quota were to stay at roughly that point in 1981 and succeeding years (a decision that may have to be made by another President), it might begin to bite! The nation would be forced to conserve fuel, or produce more itself, to accommodate normal growth...