Word: one
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Dates: during 1970-1979
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...five-man group favored a high tax but could not agree on the particulars. So each member sent a separate proposal to Carter. The differences revolve around the size and timing of the tax and how to distribute the projected $50 billion in revenues that it would collect. One popular idea is to rebate perhaps $40 billion to workers and employers in the form of lowered Social Security and income tax levies. Another suggestion involves using some $10 billion to help balance the fiscal 1981 federal budget...
Whether by taxation or rationing, cutting back on gasoline would jolt an economy in which the jobs of one worker in seven somehow spin around the automotive industry. Millions of Americans not only build, sell and service cars but also supply the tires, windows and other parts, construct highways, drive trucks or otherwise deliver the goods...
...OPEC's policies, worldwide inflation has been sent soaring to ever increasing heights. Meanwhile, global economic growth has stalled and the international financial system itself has been thrown into turmoil. In 1980, oil-importing nations expect to hit what economic jargoneers have labeled a "synchronized recession." Now no one can be sure how high the cartel will push oil prices beyond their present official maximum of $23.50 per bbl., but demand for petroleum makes a substantial increase certain. Single shipments of crude are being sold on the spot market for as much as $40 to $45 per bbl. This...
...have seized Tehran's overseas assets. Complained an angry Luxembourg banker: "Third parties are being unnecessarily drawn into the conflict. The Americans are displaying Wild West manners and throwing clubs that will boomerang." Countercharged a U.S. banker in London: "The Europeans have no guts. The dollar is one of the few weapons we have and, believe me, we intend...
Pressure is mounting on Chase in Europe to reconsider and reverse the default. One reason: the bank apparently did not tell its European partners that Iran had asked for a transfer of its funds to pay the interest on the loan, but that this payment had been blocked by President Carter's freeze on Iranian assets one day before it was due. Some Europeans now charge that the U.S. banks are acting as mercenary scouts of the Carter Administration in its campaign against Iran and that they have stopped playing the banking game under the gentlemanly rules of prior...