Word: ml
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Dates: during 1970-1979
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...like the draft and the Ml rifle, C rations will become a thing of the past. In their place the Army has developed MREs (meal, ready-to-eat), precooked and packed in nice little aluminum-foil pouches. The new fare includes steak, swiss; ham, sliced; chicken, a la king; and beef, stew; along with chocolate cookies, fruit and brownies and freeze-dried coffee. The Pentagon says it has tested the new rations under both tropical and arctic conditions and even on generals at the Defense Logistics Agency, who were not told that they were being served MREs in the dining...
There are various measures of the money supply, and right now the most important two are behaving contrarily. Ml, which is currency plus checking accounts, has recently been growing at about an 11.4% annual rate, much faster than Miller wants, partly because loan demand in the year's second quarter was exceptionally strong. But M2, which is currency plus checking accounts and most time deposits in banks, grew at 8.3% in the second quarter, more slowly than Miller wants. A possible reason: investors have been switching from time deposits to higher-yielding short-term securities, like Treasury bills...
During Burns' last year, the Federal Reserve constantly overshot or undershot its targets, for reasons that no one seems fully to understand. The Ml growth rate swung crazily from almost 14% in one month to nearly zero in another, and the gyrations confused and alarmed moneymen. Miller aims for more stability by not pushing down wildly on the pedal or slamming on the brakes in one month to correct the previous month's error...
...chairman is fairly well known, but, says Senate Banking Committee Chairman William Proxmire, "I bet only half a dozen members of Congress could tell the names of all the members of the board, and most people think that Ml is a gun used in World War II." Few Washington cab drivers know the Fed's address on Constitution Avenue...
...Defense Department decides the new helmet is worth close to $50 v. $15 for the Ml, the old pot could soon go the way of Willie and Joe and the draft...