Word: move
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Dates: during 1970-1979
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...Carter made the bold move. He and his aides put together a dollar-rescue plan that amounts to a sharp and startling reversal of previous policies and aims to restore credibility to America's currency. The plan involves serious risks of starting a recession, and, at the very least, will slow down the economy. Thus Carter also risked alienating important Democratic constituencies?labor, blacks, liberals generally. But the Administration's economic team put the program together adroitly, with a sense of drama that won cheers from the world business community and provoked the most volcanic response on financial markets since...
...break the deadly circle in which inflation devalues the dollar, which in turn pushes up the prices of imported goods, which in turn worsens inflation. But like many governmental economic steps, this is also a psychological action designed to show the world that Carter is finally ready to move determinedly against U.S. inflation, which recently hit an annual rate of 10%. Said Carter to a Wall Street crowd, as he stood later in the week beneath a bronze statue of George Washington outside Federal Hall: "I mean business. I do not intend to fail and I will not fail...
...slowed or inflation will never subside, and the dollar will never strengthen more than momentarily (a good many of the newly created dollars find their way overseas and are sold on the money exchanges for other currencies). Officially, at least, the Fed agrees. It has been trying to move interest rates up enough to discourage borrowing, so that it will not be under pressure to add so much to bank reserves in order to meet the demand...
Last week's moves by the Fed just might, at last, slow down money growth. The money supply did in fact increase much more gently in October; during the week ended Oct. 25 it actually fell a striking $5.4 billion, to $358.9 billion. Not much can be read into one week's figures, but the drop came even before the sharp jumps in the discount and Fed funds rates. Bankers view the $3 billion increase in reserve requirements as an especially important, direct move to restrain the money supply...
...have been served by activities like that." Indeed, he still sees most of his difficulties as a consequence of police harassment. During one of his last weeks out of prison, he claims, he was stopped three times by the police. Says Newton: "The cops said, 'Don't move, but put up your hands.' When I put up my hands, I dropped my cigarette. I was cited for littering...