Word: money
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Dates: during 1960-1969
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...time: 2 min. 1 sec., a scant second off the track record set by Kelso in 1961. That triumph also brought his 1969 earnings to $486,574, which placed the tough little colt well ahead of Majestic Prince ($408,710) and No-double in the year's money derby. It also made him a virtual shoo-in for Horse of the Year laurels...
...frustrating struggle against inflation, the Nixon Administration has relied almost entirely on classic, conservative weapons. The Government has severely constricted the supply of money and restricted its own spending. Most economists agree that this is the proper course. But the stubborn persistence of price increases is straining the patience of consumers, labor leaders, businessmen and members of Congress. With increasing urgency, critics are demanding that Nixon "do something"-that is, something more. They propose wholesale slashes in the federal budget, a return to wage and price guidelines, or even severe wartime controls...
...public is not impressed with that sort of optimism. There is usually a distressing lag between the time an anti-inflationary policy is adopted and the time when prices actually start to level off. Economists figure that it takes six to nine months for tight-money policies to slow down an overly accelerated economy, which is what is happening now. After that, still another three to six months generally pass before price increases start to lade. By this reckoning, the Administration will do well if it manages to reduce today's 6%-a-year price inflation to something approaching...
After years of teetering precariously from one crisis to another, the international monetary system has begun to display surprising strength and adaptability. Late in July, members of the International Monetary Fund agreed to create a new form of money, called Special Drawing Rights, that will help finance the-continued growth of world trade. In August, France devalued the franc without causing any real tremors. Last week the value of one of the world's most important currencies, the West German mark, was established not by government fiat but by the free market...
...Germans did not intend anything quite so grand. They simply could not think of any other way to stave off a speculative crisis. Convinced that a new socialist government would raise the value of the mark, speculators clamored to buy German money. In just 90 minutes of trading on the morning after the election, $250 million poured into the Bundesbank from abroad. The outgoing Kiesinger government was in no position to stanch the flow by making the mark more expensive; that is the sort of basic decision traditionally left to the new government. Instead, the Bundesbank freed the mark...