Word: metallize
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Dates: during 1980-1989
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...their supporters, who first sponsored the large tax cuts and budget reductions that President Reagan pushed through Congress earlier this year, are now saying that a return to gold would quickly bring down interest rates. North Carolina Republican Jesse Helms, the Senate's leading backer of the yellow metal and author of a bill to restore the gold standard, claims that such action would reduce interest rates "to probably three or four percent...
...that is created. They generally agree that the Federal Reserve and other central banks have let inflation get out of control by permitting money to grow too fast, but they are unwilling to let the amount of credit in the U.S. be determined primarily by the amount of a metal dug out of the ground...
...gold issue is at once simple and boggling in its complexity. Whatever their preference for or aversion to the metal, economists and financial officials agree on one thing: the key to any gold system would be in setting the price for gold. Says Sir Derek Mitchell, a former chief of international finance for the British treasury and now a banker in London: "The biggest problem of all in going back to gold would be fixing the price. Once you've fallen off the high wire, it's not easy to get back...
Setting the price too high would aggravate world inflation by having too much gold cashed in for dollars, thus in creasing the money supply. Establishing it too low would cause a run on U.S. gold supplies, as speculators rushed to buy up the undervalued metal. Only 2.8 billion ounces of gold have been mined in history. About 43% of that is now in the vaults of central banks and the International Monetary Fund; another 46% is in the hands of private individuals or churches as jewelry, coins or other investments...
...world's highest crime rate. "Most of Soweto is not fit for humans," declares Fanyana Mazibuko, a banned former Soweto school teacher. It is a dismal place. The government-operated tourist bus drives past rows of uniform dirty gray row houses. Outhouses, made out of strips of corrugated metal, squat behind most of them: 80 per cent of Soweto's homes lack electricity and running water. Barbed wire surrounds a school and many of the homes...