Word: marketeers
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Dates: during 1960-1969
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...dollar, will be one of the shared difficulties Nixon must discuss in each of the capitals he visits-London, Bonn, Rome, Paris. There are many others: the state of NATO, Soviet adventurism in Eastern Europe, the volatile Middle East, Britain's continued isolation from the Common Market, the proposed treaty banning the spread of nuclear weapons that some nonnuclear powers-notably West Germany-have feared might cut them off from peaceful applications of atomic technology. Also, Nixon wants to sound out the Atlantic allies carefully before broaching a summit conference to the Russians; by contrast, Lyndon Johnson dealt directly...
Nixon wisely chose to begin his tour in Brussels, headquarters of NATO and the Common Market, hence the symbolic capital of European unity. To start in London would have given the impression that the President favors the British; to start in Paris, that he is trying too hard to woo De Gaulle...
...opulent apartments of former King Leopold II in the 18th century palace. At NATO's new headquarters on the outskirts of Brussels, the President is expected to address the 15 ambassadors of the NATO permanent council.* He will also meet Jean Rey, head of the Common Market executive commission...
...prices for goods in the self-fulfilling expectation that prices are destined to rise higher still. Investors switch their money out of fixed-yield bonds and into stocks, which are a better hedge against inflation partly because buyers think that they are. Inflation has contributed to both the stock market overspeculation and Wall Street's glut of back-office paperwork. * Because of rampant inflation, unions increasingly demand unlimited cost-of-living wage increases instead of limited boosts. Complains Paul Carmichael, a Pittsburgh electrical workers' official: "The ink is hardly dry on labor contracts these days before price increases...
...successful drive against inflation would cause some dislocations in the job market. It would also temporarily result in generally lower increases in corporate profits, returns on investment and wages. "If we do manage to restore relative price stability, it won't be painless," says Norman Robertson, economist for Pittsburgh's Mellon National Bank. Inflation is so pervasive-and the task of stopping it so wrenching-that the pain is likely to be shared in some degree by almost every American...