Word: lowing
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Dates: during 1970-1979
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...zakat, is levied against an individual's assets for the benefit of the community. The principle of wealth-sharing extends to governments as well. Saudi Arabia distributes about 7% of its evergrowing G.N.P. (estimated at $66 billion in 1978) to less privileged Muslim states in the form of low-cost loans and gifts. By comparison, U.S. foreign aid last year amounted to only one-third of 1% of G.N.P. Mahbub Haq, an economist with the World Bank, foresees a billion-dollar World Muslim Foundation, financed by oil-rich Middle Eastern states, that will organize and provide aid for poor Islamic...
...policy also promises much political pain and peril for Carter. The essence of his program is to strip away the controls that have held the cost of domestically produced crude oil at artificially low levels ever since the postembargo days of 1974. Next month, using Executive authority, he will order a gradual phase-out of the controls so that they will be entirely eliminated by Oct. 1, 1981, when by law they would have expired anyway...
...other producers are also levying surcharges on the basic OPEC price. Under Carter's plan, the proceeds of the oil tax would be funneled into an Energy Security Fund that would bankroll the development of alternative energy sources such as solar power and coal gasification, help low-income families pay for the rising cost of fuel and stimulate the development of energy-efficient mass transit systems such as rail and bus service...
...proposals will be an eight-year "rising rate" certificate of deposit in amounts as low as $500. The interest will start at 6% (6.25% in savings banks) and rise gradually to 8% (8.25%) over five years; a saver who leaves $500 on deposit over the full eight years will get $386.17 in interest, vs. $244.06 in a regular 5% bank account. Savers will also be able to buy a five-year certificate pegged to the average five-year Treasury Note rate, currently 9.2%; interest on the new certificate will be 1.25% less than that rate, or 1% less if bought...
...this, Columnist Russell Baker replies that much of what daily newspapers print is also trash: "The difference is that people in the newspaper industry tend to blame themselves for the low-quality stuff while TV executives tend to shift the blame to their audience...