Word: money
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Dates: during 1960-1969
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...they cast their ballots, many voters were given white chits by the precinct captains. Chit in hand, each voter then left the polling place and entered an alley. Novak did not follow for fear of his own safety, but he implied that Chicago still has the best voters that money can buy. This was the kind of performance that has come to be expected of the Evans-Novak team, which avoids pontificating and concentrates on examining the inner machinery of politics. Evans and Novak were not alone in discovering election irregularities in Chicago. The Chicago Daily News reported that Democratic...
...economic wisdom of cutting taxes is not nearly so clear. Only belatedly does the surcharge seem to be having the desired effect of cooling off the economy. As one piece of evidence that the tax is finally working, the Federal Reserve Board reported last week that the U.S. money supply grew by only 4.5% during the third quarter, barely half as fast as the quarter before. Also, the Commerce Department reported that retail sales declined in October for the second straight month...
...creditors. In return for a $4.9 billion line of credit, without which Britain would be bankrupt, other nations have insisted that the country overcome its chronic habit of living beyond its means. Lately, under prodding from abroad, the British have been pondering whether to rely more on controlling the money supply to regulate the pace of business. During the second quarter of this year, the amount of money in circulation rose at the inflationary rate of 10% a year. Many economists now contend that this was an underlying cause of the worrisome consumer-spending spree. Argues London's influential...
Visibly Vexed. Gorton flew back to Canberra visibly vexed and more determined to implement a policy that he calls "economic nationalism." Australians want foreign capital and investment. Indeed they desperately need it, since there has never been enough local money in a predominantly agricultural country to develop a large industrial capacity. Nonetheless, Gorton and his countrymen are distressed by the fact that foreign companies now have about $6 billion invested in Australia and own one quarter of all its commercial assets...
Marshaling Money. One way the government hopes to counter the problem is by increasing Australian capital available for new investments. It recently started the Australian Resources Development Bank, a semigovernmental institution that marshals local funds and directs them to new projects. In its biggest project so far, the resources bank helped the Australian backers of the Mount Newman iron mines raise development money. Now some federal officials would like to establish a similar organization that would borrow funds outside Australia on behalf of Australian investment. For his part, Gorton has so far not taken threatened legislative steps to provide...