Word: priced
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Dates: during 1960-1969
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Campaign for Controls. The slowness of this schedule prompts the cry for more direct action against prices. Senator Daniel Inouye of Hawaii warned the annual conference of the American Bankers Association in Honolulu last week: "No one likes wage and price controls, but we may have to institute them temporarily to halt galloping inflation." Many labor leaders agree, provided that similar controls are put on profits and dividends. At its convention in Atlantic City, the A.F.L.-C.I.O. last week called for Government action to hold down the costs of medical care, insurance and housing. The Administration, however, remains dead...
...controls, which were last imposed on the U.S. during the Korean War, might work more selectively to restrain lending, and in turn, demand for some kinds of goods. But neither Congress nor the Administration favors such an approach. The Administration is also adamant in rejecting a return to wage-price "guideposts" or "jawbone" jousting with business and labor over excessive price or wage boosts. The old guideposts permitted annual wage increases of 3.2%, an amount equal to average gains in productivity over a long period. Now productivity is falling, and workers can hardly be expected to take wage cuts...
...into the Bundesbank from abroad. The outgoing Kiesinger government was in no position to stanch the flow by making the mark more expensive; that is the sort of basic decision traditionally left to the new government. Instead, the Bundesbank freed the mark to be traded at just about any price that buyers were willing to pay. The IMF cooperated by ignoring the rule that governments must maintain their currencies within a 1% margin above or below the fixed-exchange rates...
...should have been an invitation to disaster. The assumption behind the IMF fixed-exchange rules is that uncertainty about what a major currency is worth from day to day will paralyze world trade and investment. Instead, trading in German money was heavy but orderly, and the mark's price rose 6%, to about 2610. Britain's Exchequer Chancellor Roy Jenkins summed up the situation as "very calm, all very calm...
Shift to Realism. Moneymen seemed relieved that Germany would no longer try to keep the mark at the unrealistically low price that had allowed the country to pile up enormous trade surpluses to the detriment of the economies and currencies of other nations. As the mark rose, the French franc dipped, then climbed back at week's end. Traders saw new hope that the combination of the recent 12.5% French devaluation and an eventual German revaluation would add up to almost a 20% shift in the official values of the two currencies-making the difference in their formal exchange...