Word: one
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Dates: during 1980-1989
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...problem is that it's not a plan -- it's an idea. What we call the Brady Plan is an extraordinary initiative. It recognizes that debt is a political problem -- one of the major issues of world security -- and not just a matter between U.S. banks and Latin American nations. The Brady Plan has as its basis the reduction of debt and the realization that the countries of Latin America cannot continue servicing their debt in the way the banks have obliged us to up to now. In the past five years, Latin America has paid back the total amount...
...past decade is that liquidity, to many people, may be all that art means. The art market has become the faithful cultural reflection of the wider economy in the '80s, inflated by leveraged buyouts, massive junk-bond issues and vast infusions of credit. What is a picture worth? One bid below what someone will pay for it. And what will that person pay for it? Basically, what he or she can borrow. And how much art can dance for how long on this particular pinhead? Nobody has the slightest idea...
Every game has winners and losers. The winners of this one are some collectors, some dealers and, in particular, the major auctioneers -- Christie's and Sotheby's -- in whose salesrooms the prices are set. The losers are museums and, through museums, the public...
...only as such. To lock it into a market circus is to lock people out of contemplating it. This inexorable process tends to collapse the nuances of meaning and visual experience under the brute weight of price. It is not a compliment to the work. If there were only one copy of each book in the world, fought over by multimillionaires and investment trusts, what would happen to one's sense of literature -- the tissue of its meanings that sustain a common discourse? What strip mining is to nature, the art market has become to culture...
...from such generosity is the cost of their materials. Thus, in a historic fit of legislative folly, the Government began to starve its museums just at the moment when the art market began to paralyze them. It bales out incompetent savings-and-loan businesses but leaves in the lurch one of the real successes of American public life, its public art collections...