Word: non-communist
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Carter's standing in the world plunged to a new low as a result of last week's strange performance at the top in the nation that is supposed to be the economic and political leader of the non-Communist world. Accustomed to their parliamentary system, in which a Cabinet resignation signals the overthrow of a government, large numbers of Europeans even wondered whether the Carter Administration had fallen. As the week progressed, they became increasingly critical of the President. "He always acts too late and thus appears to be the victim rather than the master of events...
While gold is psychologically important, the fate of the dollar is far more vital to the U.S.−and the rest of the non-Communist countries, which use the greenback to settle most international trade deals. Even before Carter's actions last week, the dollar had been slipping, as some financially important countries, including Saudi Arabia, sold American currency from their monetary reserves in exchange for West German marks and British pounds...
Against that background, the heads of government of the non-Communist world's seven strongest industrial powers ?Britain, Canada, France, Italy, Japan, West Germany and the U.S.?will convene Thursday in Tokyo's ornate Akasaka Palace to consider what they might do. The meeting, fifth in a series of annual summits devoted to economics, was scheduled before the latest oil crisis broke, but it will be so dominated by petroleum worries that it is being called the energy summit. For Jimmy Carter, the meeting will be especially critical; American voters are far more irate about the gasoline shortage...
...quickly after OPEC turned on the spigot following the end of the Arab oil embargo. The cartel seems unlikely to do so again, and even if it did, no one could trust an increase in output to last. Meanwhile, the threat of economic slowdown and runaway inflation in the non-Communist world gets stronger every...
...index of leading indicators for the six advanced 8% during the latest twelve-month period, vs. 1% for the U.S. But the gains have not been without cost, notably a rise in prices. According to the Organization for Economic Cooperation and Development, which monitors trends in the leading non-Communist industrial states, inflation among its 24 member states rose 1.1% in April, the steepest monthly jump in two years...