Word: powerfully
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Dates: during 1970-1979
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...services. The result: too much money chasing too few goods, which is a classic inflation. Largely because of the rapid expansion of money, the average household income is more than twice as much as it was ten years ago, or $16,100. Yet because of inflation, real purchasing power is up only 11%, and for millions of Americans it is now only the second income from a working wife that enables families to make ends meet...
Inflation has, of course, been seriously aggravated by a host of outside or "exogenous" factors that lie beyond the power of economists to control. They cannot be held accountable for poor grain harvests, such as occurred in 1972, for the harsh winters of 1977 and 1978, or for the weather of last year that cut into harvests in the citrus belt. Government economists also argue that price gouging by foreign oil producers is exogenous. True, but only partly so. Not only did inflation in the industrial countries encourage the 13-nation OPEC cartel to quintuple its prices...
...since Khomeini took power seven months ago had there been such scenes of violent protest in the capital. The repeated clashes throughout the week seemed to be a test of strength over the course of Iran's revolution. In his message to the nation on Jerusalem Day, set aside to demonstrate international Islamic solidarity with the Palestinians, Khomeini gave an ominous warning to his country's leftists. Said he: "I shall give the final word if you continue your devilish scheming." The Fedayan had issued a warning of their own. "Hundreds of us died in our struggle against...
...Alhaji Shehu Shagari, 54, a slight, soft-spoken veteran civil servant who wears the robes and beaded hat of the northern Hausa tribe and has been an outspoken Muslim nationalist. If all goes as planned, Lieut. General Olusegun Obasanjo, leader of the ruling Supreme Military Council, will turn power over to a government headed by Shagari...
Meanwhile, a succession of military regimes has failed to resolve the tensions between the Ibo, Yoruba and Hausa tribes that flared into a civil war in 1967 when Biafra, the Ibo homeland, tried to break away. The strongman in power then, General Yakuba Gowon, healed some of the scars by declaring an amnesty at the end of the war, in 1970, but he was toppled in 1975 by other soldiers who objected to his costly schemes, such as the building of a $20 million sports stadium in Lagos...