Word: moratorium
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Dates: during 1950-1959
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Such progress was made possible only by a relentless moratorium on consumer goods. While arms plants boomed, farms and light industry slumped. This economic unbalance leaves Russia well geared for a short war, but liable to great strains, particularly in food production, in a long-drawn-out war of atomic attrition. It is a fact that has been noted by Malenkov himself (TIME, Aug. 17). "Things are bad," said Malenkov. "The volume of production of consumer goods cannot satisfy us . . . We are not meeting the demands of the population for meat, milk and eggs. All this is damaging...
...supplies for Europe. Under Harding, he was an economizing Director of the Budget, ran his own bureau for almost half of its $225,000 appropriation ("We took our own medicine"). Under Hoover, he served as Ambassador to Britain and helped to draft the Administration's war-debt moratorium after the '29 crash...
...First Blush. In Wichita, Kans., officials declared a one-day moratorium on the usual traffic tickets which lead to fines, instead had policemen pass out tickets chiding errant motorists in bold red letters: "Shame...
...disaster threatened when the main European economic structure collapsed, and the convalescing U.S. economy was severely set back. Though confronted then with a hostile Congress and 7,000,000 families without breadwinners, Hoover feels that he met the challenge head on. He won a year's moratorium on war debts and reparations, shored up the gold standard, called a world economic conference, set up the Reconstruction Finance Corp., and launched reform of "our rotten banking system." Says he: "[These] great legislative and other measures . . . turned away panic and started us on the road to real recovery around July...
...most complicated problem started in 1933, when Germany began to default on interest payments on state, municipal and corporate bonds. To give her a breather, President Hoover arranged a moratorium on all payments in 1931. Shortly after, Adolf Hitler repudiated the whole debt; he charged that it was caused by reparations and was one of the injustices of the Versailles Treaty.* As the market value of German bonds tumbled, Hitler's agents quietly bought up blocks of them at fractions of their par value, stored them away in Berlin. When World War II broke, the U.S. suspended trading...