Word: pounded
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Dates: during 1960-1969
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...years of the new regime, have now passed their 1958 mark, and the government launched an intensive drive for artificial insemination of cattle late this spring. Practically all of Cuba's beef is exported to gain hard currency on the international market. Each Cuban is allowed only a quarter pound of beef a week, and milk is reserved for children under seven, and the aged over 65. So the Cubans themselves still do not receive direct benefits from the strides being made by the livestock industry. Although serious diversification efforts are underway, Cuba still has the kind of economy...
Possibly worse for the Castro regime, the world price for sugar has fallen to a new low of about two cents a pound. Russia pays six cents for Cuban sugar under a special trade agreement. (Before the Revolution, the United States gave a similar preferential price to the Cubans.) This year Cuba is reportedly committed to send Russia 4 million tons, a commitment it will not meet. Two years ago, with a crop of 5.3 million tons, Cuba had to buy sugar from Mexico in order to fulfill its international contracts...
Seven times since World War II Britain has deliberately throttled its seesaw economy to battle inflation or defend the pound. In the 14 months since Prime Minister Harold Wilson intro- duced the severest repression of all, the country has stumbled into an agonizing business slump. The self-inflicted wounds increasingly have fired acrimonious debate over what the London Times calls "the new theory of nobility through suffering...
...manufacturing country-as the economy's growth rate sagged to a mere 1½% (after discounting for 3.9% price inflation). Though overall growth has picked up a bit since then, industrial production and private investment have not. The country's trade gap, a major source of its pound-threatening balance-of-payments deficit, has actually increased. Last week the Treasury announced more discouraging news about the pound's health: a $2,500,000 drop in reserves of gold and convertible currencies during September to the lowest level in two years...
Before he squeaked into office three years ago, Wilson promised the country economic growth to finance both more socialism and more private affluence. He has delivered only the former: welfare spending has soared by 45%. The continuing troubles of the pound led him to change panaceas in mid-crisis. The switch to classic austerity was supposed to give Britain time to rid itself of such long entrenched weaknesses as industrial inefficiency, featherbedding unions, drowsy management and overstaffed business. Instead, complain businessmen, government tinkering has proved so inept as to create new economic distortions. When Royal Dutch/Shell decided to build...