Word: pohl
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Delors has some grounds for worry. Karl Otto Pohl, the powerful president of Germany's central bank, last month expressed some sympathy for Thatcher's economic positions. Said Pohl: "More than a single currency, the emerging single European market needs converging economic policies, which are not yet in place." Like Thatcher, Pohl was asking how the E.C. can have a common currency when inflation rates range from a low of 3.1% in Germany and Denmark to 10.9% in Britain and 21% in Greece...
...West German money supply. If spent, the freshly minted DMs will have the same effect on growth as a sizable tax cut. When this new demand hits a West German economy operating close to capacity, the Bundesbank will be keeping a wary eye on developments. Bundesbank president Karl Otto Pohl calls the 1-to-1 conversion "a generous offer that went to the limit of what is economically acceptable." But he believes inflation can be contained...
Everything depends on how the East German economy responds to a free-market jump start. Pohl points out that "no one can subsidize uneconomic jobs in the G.D.R. forever." Elmar Pieroth, a prominent West Berlin politician and businessman who advises the G.D.R government, insists, "The spirit of entrepreneurship is reappearing, and people are eager to take advantage of the possibilities." That was the kind of spirit that created the Wirtschaftswunder...
...Nelson Mandela's visit to the U.S. on our cover, three of the journalists who scrambled to get the story were newly arrived college interns. Michelle Ray, an editor for the University of California at Santa Barbara Daily Nexus, assembled background research for the Nation section. Otto Pohl, a student at Cornell, photographed the parade in lower Manhattan on Wednesday, then joined assistant picture editor Richard Boeth at the light table to edit the pictures. On Thursday night Robin Bennefield, who has been managing editor of the Swarthmore Phoenix, headed out to Yankee Stadium to cover the rally. Says...
...Pohl and Bennefield are among a dozen students working at TIME this summer. For many years we have invited some of the brightest U.S. college juniors to Manhattan to learn how we put out the magazine -- and sometimes to come back full time. Managing editor Henry Muller, Stanford '68, started his career as a summer intern at our sister magazine LIFE. More recently, Time Warner has added internships for graduate students as well, to expose them to all the facets of our publishing enterprises...