Word: moratorium
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...Capitol. They blackened 40 acres of park and pavement. They sat on benches. They filled bare trees. They perched on roof tops. But for all the flags and music and ceremony, they were not a happy, carefree crowd. Their bank accounts were frozen by what amounted to a national moratorium. Many of them wondered how they could raise the cash to get home. Their mass spirits were as sombre as the grey sky above. Yet they remained doggedly hopeful that this new President with his New Deal would somehow solve their worries and send them away in brighter mood...
This year President Hoover did not wait until late autumn before preparing for a hard winter. In June he inaugurated his moratorium plan as a world business stimulant. This he followed up by requesting all Community Chests, through their national organization, to survey joblessness, determine well in advance the "load of distress" they would have to meet. As before, he summoned Big Business to the White House for advice and comfort. Said he reassuringly, "The problem of Unemployment and Relief, whatever it may be, will be met." Before him loomed the A. F. of L.'s prediction...
...them as part of an "evil empire." This is likely to translate into less opposition to his plans to build the MX missile and increase military spending. An indication of the changing congressional mood came last week when the House reversed itself and voted to end a 15-year moratorium on the production of chemical weapons...
...repay past borrowings would mean the certain cutoff of future loans. In Washington, William Cline, senior fellow at the Institute for International Economics, said, "No major debtor wants to jeopardize its long-run credit reputation further by joining anything that has the appearance of a cartel for debt moratorium or repudiation purposes...
...they want to march, they go to the nation's capital. This is not new for us." Indeed, although the first March on Washington attracted the biggest crowd ever assembled in the city up to that time, it has since been surpassed by several events, including the 1969 Moratorium on the Viet Nam War (300,000) and the AFL-CIO's 1981 Solidarity Day rally (260,000). But it was not the size of the crowd the first time that mattered so much as the force of King's vision. It seared the American consciousness with...