Word: problems
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Dates: during 1970-1979
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...Volcker's approach, however, finance men and bankers now saw not just another quick fix but a direct assault on inflation itself. Said West German Finance Minister Hans Matthöfer: "The package goes straight to the heart of the problem." Brussels Banker Roland Leuschel expressed a conviction shared by almost all European moneymen: "Throttling back on the money supply itself will be much more effective than raising interest rates in the fight against inflation. Paul Volcker is attacking inflation at its source...
...first two items?an increase in the discount rate and the setting up of reserve requirements for offshore bank borrowings?went through smoothly enough, but the third presented a procedural problem. As a revolutionary change in Fed operations, the plan to focus day-to-day attention on actual money creation required not only board approval (which was given unanimously) but the support of the Open Market Committee, which comprises not only the board's governors but also five other representatives from the Fed's twelve regional banks. Just after lunch a conference call was arranged, unanimous support from the governors...
...Governors of nine Western states. Though the airport crowd of 1,000 was generally friendly, the placards were mixed: WASHINGTON, TIGHTEN YOUR BELT-I'M LOSING MY PANTS, WELCOME TO AMERICA'S ENERGY POLICY-JUST DON'T BREATHE (a reference to Albuquerque's air pollution problem), and TEDDY LOVES...
...puts it, "There's a feeling that the U.S. should get more involved with a country like Nicaragua or a Caribbean island that is lashing out at us. The more we get involved, the more likely we are to see a moderate outcome. If we walk away from problem countries, we'll only encourage radicalism...
...political opposition in France has been unable to capitalize on Giscard's troubles. Though Communist Leader Georges Marchais has said, "I'm ready to unite with the devil to checkmate the Giscard-Barre policy," he and Socialist Chief François Mitterrand are bedeviled by a problem: they are not even on speaking terms. There has been no attempt by either man to patch up the bitter ideological split that destroyed their chances of winning last year's legislative elections. Jacques Chirac, the ambitious Paris mayor and neo-Gaullist leader who hopes to challenge Giscard...