Word: marketeers
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Dates: during 1970-1979
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...President Walter Mondale and Presidential Counsel Stuart Eizenstat complained that this would be a blow to low-income families. At the very least, they argued, decontrol should be phased in. Nevertheless, a consensus did develop at Camp David that domestic oil must be permitted to climb closer to world market prices in an effort both to discourage U.S. consumption and inspire American companies to produce more domestic oil. "The decision," agreed one participant, "is not if we will decontrol, but when...
Deals are also made inside the street's ground-floor stores, many of which are actually indoor public markets, where merchants can rent booths for prices of up to $2,500 a month. Unlike the hushed elegance of a room at Tiffany's a few blocks away, the market is a bustle of good-natured haggling, questioning and exhorting in many languages...
...Israelis that their vital interests will be protected. Extending a five-year commitment made in 1975, the U.S. has pledged to provide Israel with oil for 15 years if the Israelis on their own should be unable to acquire sufficient supplies, either from Egypt or on the world market. Late last week the Administration concluded a bilateral memorandum of agreement with Israel under which the U.S. promises to "consult" with Israel-that is, to give it some sort of support-if Egypt should violate the terms of the peace treaty, and to use its veto if the U.N. Security Council...
...bolster the economy, which Khomeini last week described as "bankrupt." Workers' councils have taken over a number of businesses, banks, and government offices; councils in the bureaucracies are demanding exorbitant wage increases and resisting Bazargan's plans to reduce overstaffing. Food shortages have created a thriving black market that is feeding an unofficial inflation rate of 200%. Many of these problems would be relieved by fresh oil revenues, and as of last week production was up to 2.5 million bbl. per day, or about half the normal level. The question was whether these revenues, welcome as they were...
DIED. Per Haekkerup, 63, Danish politician and diplomat; of cirrhosis; in Copenhagen. As his nation's Foreign Minister from 1962 to 1966. Haekkerup lobbied for Denmark's admission into the Common Market (achieved in 1973), opposed the Viet Nam War and apartheid in South Africa...