Word: nationalized
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Dates: during 1970-1979
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Though some compute the value of their hoards at less than market prices, any rise in those prices does lift the amount of a nation's reserves. Says Economist Robert Triffin, an international monetary expert: "Central banks now hold on their books assets that are ten times as valuable as they were in 1969. They can theoretically use these assets." In effect, wealth can be created out of nothing: the gold can either be sold to cover trade deficits or borrowed against...
...Chrysler continued to proclaim in press conferences and full-page newspaper ads the disaster that would sweep the nation and the auto industry if the U.S.'s tenth largest industrial corporation went bankrupt, the consequences of a Chrysler failure came under closer scrutiny. Some 200,000 U.S. firms declare bankruptcy annually, and the right to fail is as much a part of the capitalist system as the right to succeed. Bankruptcy is the free system's harsh but necessary means of purging companies that, through bad luck or bad management, fail to win enough customers in the marketplace...
...fast annual rate of close to 13% in the past two months. Though Volcker feels that the growth should be curbed, the spread of such financial innovations as credit cards and savings certificates tied to Treasury bill rates have lessened the Fed's ability to control the nation's money stock...
This year they have a different gripe: labor disputes are plaguing the nation's overburdened crop distribution system at a time when bin-busting harvests and a high export demand augur a booming farm economy. Since late August the United Transportation Union and the Brotherhood of Railway and Airline Clerks have halted operations on the Chicago, Rock Island & Pacific Railroad, which serves 1,680 grain elevators in the Midwest. And for almost three months a strike by the American Federation of Grain Millers has closed the 13 huge grain elevators in the port of Duluth-Superior, stopping...
...badly rundown condition, with alternative routes so overburdened that they are unable to cope with any kind of unusual demand. Every year at harvest time, there is a severe shortage of hopper cars and boxcars for carrying grain. Meanwhile, many of the railroads that serve the nation's agricultural heartland are failing. The Rock Island, for example, is bankrupt and has been in receivership for the past four years. The strike resulted from its inability to pay clerks and transportation workers $9 million in retroactive...