Word: nationalizes
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Dates: during 1970-1979
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Concerned that the White House was reacting too slowly and indecisively, White House Counsel Lloyd Cutler and Senior Adviser Hedley Donovan urged Carter to seek help from the nation's veteran foreign-policy makers. Fifteen prominent men, including Presidential Troubleshooter Clark Clifford, former Secretaries of State Dean Rusk and Henry Kissinger, former Under Secretary of State George Ball and Panama Canal Negotiator Sol Linowitz, were summoned to the White House. First, they were given an intelligence briefing that established the existence of the Soviet brigade. It comprised 2,600 soldiers assigned to two garrisons under the command...
...German exports, the Bundesbank spent $1.2 billion in deutsche marks to buy up unwanted dollars last week. By happenstance, as the buck was worrying down again, central bankers, finance ministers and some 6,000 other leading moneymen were gathering in Belgrade, Yugoslavia, for the annual meeting of the 138-nation International Monetary Fund. Treasury Secretary G. William Miller and Federal Reserve Chairman Paul Volcker had hardly arrived when they were besieged with calls for U.S. action to stem the panic...
...America's inflation. As long as prices continue climbing at a rate of 13% in the U.S., compared with 6% in West Germany, the dollar will sink and the mark will rise. In such circumstances the dollar is lost, and attempts to save it will only ruin the nation's industry by making such exports as computers, airplanes and chemicals vastly too expensive in Japan or Germany, and imports like autos far too cheap at home. Former Fed Chairman Arthur Burns told the Belgrade conference that the turmoil in world exchange markets would not end until "reasonably good...
...whole. By encouraging an at titude of buy now before the price goes up, panicky consumers are making further and even steeper price increases virtually inevitable. Yet people are not about to change their attitudes until inflation itself is brought under effective control. If that does not happen, the nation may some day discover that "basket of currencies" does not mean merely francs, marks and yen but also, perhaps, bullion, baubles and condos...
...Dearborn, Mich., from which Henry Ford II for most of the past 34 years had run the auto empire founded by his grandfather. Though Ford, 62, will remain as board chairman, he has stepped down as chief executive, ending three generations of day-to-day family management at the nation's third largest industrial firm. His departure is not at an auspicious time in Ford's fortunes. The domestic auto business faces serious problems, but Henry Ford, following a careful three-year transition of power, is leaving Philip Caldwell, 59, the company's first nonfamily chief...