Word: paper
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Dates: during 1970-1979
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...withstand inflation and energy-related shocks. Says Guy Field, a London gold dealer: "Last year the high price of gold reflected the decline of the dollar on exchange markets. But gold is now moving ahead on its own accord as people insure themselves against the fickleness of all paper currencies...
...experience that wars, revolutions and political strife can demolish less durable forms of investment. In France, the lust for gold remains as strong today as it was nearly two centuries ago when the National Assembly tried to spend its way to prosperity by issuing 400 million units of a paper currency called the assignat. Within five years, 50 billion of the worthless scraps were circulating, gold had jumped 600 times in value, and hoarding proliferated, even though the government made efforts to deal in the metal punishable by death...
Gold fever in the U.S. is so widespread that it is no longer accurate to speak of its victims as if they were right-wing zealots haunted by nightmares of starving marauders. A more typical buyer is New York Suburbanite Phillip Knapp, who is vice president of a paper firm. With a wife, three children and a six-figure income, Knapp seems every bit the successful American who ought to have confidence that the future will be as good to him as the past has been. But says he: "In 1975 I started to worry about where I could...
...craftsmanship is placed at the service of no discernible idea; it is art's answer to the well-made play, a kind of systematic decor-though (mercifully perhaps) with out the metaphysical pretensions of its ancestor, Barnett Newman's work. More likable are the folded tracing-paper drawings by Dorothea Rockburne, with their spare geometry of arc and line appearing through superimposed translucencies of paper−the product, if not of passionate invention, at least of rigorously organized taste. The problem with work of this kind is not that it is in some way provocative or unfamiliar...
...This is probably the most frustrating match of the season," Andy Klingenstein, Yale's number eight man lamented after the match. "This is the first time we've ever played Harvard and thought we had a shot at every position. On paper we're a better team," he added...