Word: payed
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Dates: during 1970-1979
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...1950s and 1960s, Europeans complained about a "dollar gap." Greenbacks were the only currency that was accepted everywhere, though there were not enough of them around to finance world trade and development. But the dollar gap has since become a dollar glut. Due to heavy foreign spending, first to pay for the Viet Nam War, more recently for oil imports, the U.S. has exported enough dollars in the past decade to boost the reserves held by foreign central banks from $24 billion to $300 billion. Private international banks hold another $600 billion in Eurodollars, which are dollars loaned abroad...
...record numbers are doing something that they have never done before- bailing out of their own national currency and dashing for inflation hedges wherever they can find them. Like generations of inflation-scarred Europeans, they are parking more and more of their wealth in investments that do not necessarily pay interest but at least prom ise to preserve value in the face of exploding prices...
...price. In just four weeks, gold leaped from $330 per oz. to hit $447, only to lose half that impressive gain by the end of last week. Anyone who plunged in for a quick killing at the wrong moment got badly hurt. Small investors in gold also must pay a sales commission of 6% to 10% when buying the metal from banks, brokers or jewelers. In addition, there is often an equal-sized charge when reselling...
Managers, secretaries and production workers are painfully aware that when they get a pay raise, the extra dollars that they take home after taxes rarely begin to cover the increased costs they must bear. In the past year, as a result of the ravages of double-digit inflation, real incomes have fallen on average by more than 4%. What is less obvious is that the squeeze on purchasing power has become as much of a problem for employers as for employees...
Employers simply cannot hand out the kind of raises required to keep all their staffers fully abreast of 13%-plus inflation. Because taxes absorb part of any increase, a firm seeking just to keep "whole" an employee earning $15,000 or more must boost his pay by 16% to 19% this year alone. If high inflation persists, further raises would be necessary in subsequent years. Yet a company that gave increases of this size would not only be violating the Administration's 7% pay guideline but might also risk cleaning out its treasury...