Word: money
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Dates: during 1960-1969
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Socialism and Rheumatism. He was an indefatigable barnstormer, crisscrossing the U.S. in each of his presidential campaigns, riding the upper berth of a Pullman sleeper to save money, lecturing in the booming, resonant tones of a prophet. As early as 1928, he argued for old-age pensions and public works, the five-day week and unemployment insurance. When Franklin Roosevelt's New Deal made those ideas law, socialism's appeal to the U.S. working class began to diminish. "It was often said," Thomas reflected, "that Roosevelt was carrying out the Socialist Party platform. Well...
...blamed for seeking to exercise political power. After all, they otherwise would have almost nothing to do. Their countries are not in danger either from outside attacks or surprise raids by neighbors. Yet the continent's nations keep nearly 600,000 men on active duty and spend more money ($1 billion a year) on military costs and armaments, including French-built Mirage supersonic jet fighters, than they receive from the U.S. under the Alliance for Progress and other aid programs ($776 million...
...officials boasted that the CSU was being deluged with letters from all parts of the country lamenting the fact that it operates only in Bavaria. At a secret party meeting, Strauss aides seriously pondered the possibility of turning their Bavarian union into a national party. They confidently concluded that money would be no problem; enough businessmen could be found to bankroll the expansion. His adamant opposition to the worldwide nonproliferation treaty proposed by Washington and Moscow plays on the widespread German resentment of big-power Diktats. His rejection of a unilateral legal attack on the extreme right stems from...
...course, consumers had plenty of pocket money. Often during the 1960s, they have confounded economic forecasters by spending more lavishly than the experts had expected. This year, they went on something of a spree, correctly sensing that the prices of almost all goods and services were bound to rise. Such expectations become powerful economic forces, creating an inflationary psychology that is now firmly embedded in the thinking of businessmen, labor leaders and investors. Even after the tax increase, consumers rushed to buy practically everything. Their appetite for the well-styled 1969 autos was particularly keen; sales this year will reach...
Credit was plentiful because the Federal Reserve Board, even while raising interest rates, allowed the supply of money in circulation to grow at a rate that proved to be inflationary. The board had to feed funds into the money market so that the Treasury could borrow to finance the federal deficit of $25.4 billion in fiscal 1968. Such great deficit financing, most economists agree, is the fundamental cause of U.S. inflation...