Word: outflowing
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Inflation, caused by rapid changes in the economy, an outflow of capital sent by the rich to havens abroad, and government spending, began to skyrocket in 1972, but the standards of living of the poor more than kept pace. But the middle class was starting to feel the pressure. U.S. trade and aid boycotts added to the problem...
...loan associations, which finance more than half of all residential construction. Such institutions may well receive a net in flow of only $20 billion during 1973, v. $33 billion last year; in California, New York City, Washington, D.C., and some other areas, they have already suffered a net outflow. S and Ls typically pay 5% interest on passbook accounts and 6.5% on certificates of deposit that must be held for a specified time. Sophisticated savers are turning instead to Treasury bills that pay nearly 7%; commercial paper, a form of corporate lou, that yields 7.5%; and commercial-bank certificates...
...based on current prices and projected growth in demand, the nation's out-of-pocket expenditures for foreign oil might reach $17 billion annually v. $8 billion this year. That staggering annual outflow of dollars for oil is not inevitable, however. As Secretary of the Treasury George Shultz said at Nassau: "We must struggle against these projections so that they do not become accurate predictions." Another projection shows that between now and 1980 the oil-producing nations of the Middle East and North Africa alone stand to collect a quarter-trillion dollars for their natural riches, nearly...
Ironically, if the new rules do prompt a flood of U.S. investment, the outflow will temporarily worsen the enormous American balance of payments deficit with Japan. Profits from the investments, however, eventually would shrink the deficit again. In any case, the liberalization is welcome, and should help soothe the often acrimonious relations between the two mightiest economies in the non-Communist world. It will constitute a long-overdue recognition of reality: Japan's economy has grown far too powerful either to need or deserve protection...
Even more fundamentally, the trading houses are catching the first glimmerings of a new business era to which they will have to adjust. In March, Japan posted a record balance of payments deficit-yes, deficit-of $1.1 billion, caused by a hefty rise in Japanese imports and a huge outflow of long-term investment capital. Though the payment figures have been bouncing around too erratically from month to month to establish any definitive trend yet, they may presage-to the vast relief of the U.S.-the dwindling if not the end of the gigantic Japanese surpluses in commercial dealings with...