Word: paule
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Dates: during 1970-1979
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...Paul A. Volcker, the cigar-chomping chairman of the Federal Reserve Board, sent America off on its latest economic wilderness adventure by announcing two weeks ago an anti-inflation program that did not just raise the discount rate--the Fed's interest rate on money it lends to member banks--but changed the very nature of how the Fed controls the money supply. Instead of trying to curtail the boom in credit by manipulating interest rates, Volcker announced, the Fed would henceforth apply direct controls to the money supply, raising member banks' reserve requirements and using other methods to keep...
...domestic inflation when well over half that inflation traces its lineage to the tankered waters of the Persian Gulf. If OPEC intends further price hikes--as it apparently does--then to make headway against inflation Volcker will have to squeeze America's economic arteries tight enough to cause gangrene. Paul Samuelson, Ec 10's law-giver, calls this "sadism...
...peaked at 3% of G.N.P. in 1964, was only 2.2% last year. While the U.S. percentage has been decreasing, West Germany's has averaged 3% annually since 1971, and last year increased to 3.2%. Japan's has risen from 1.3% in 1965 to 1.9% in 1977. Says Paul E. Gray, president-elect of the Massachusetts Institute of Technology: "We have lost a certain edge in technological innovation...
Alas, Fassbinder is doing more than mere fooling around. Increasingly, he seems to be the '70s heir to such past camp masters as the '50s Hollywood director Douglas Sirk (Magnificent Obsession) and the '60s Warhol disciple Paul Morrissey (Flesh). But unlike his predecessors, Fassbinder does not recognize the limits of the form. Camp is fine for movies that want to trade exclusively in offbeat humor and florid emotions. In Maria Braun, Fassbinder makes the serious mistake of try ing to convey ideas...
...become an even longer series. That is good news, but the Shikastan habit of ignoring present pleasures in favor of a chimerical future should be avoided. For the moment, it is enough to welcome an audacious and disturbing work from one of the world's great living writers. -Paul Gray...