Word: propping
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Dates: during 1970-1979
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...million people, a population that faces increasing suffering as the country totters toward economic crisis. Violent crime is soaring so rapidly that even some government officials have recommended the easy licensing of firearms for self-protection. Abuse of power by the military, which has long been a coddled prop of the Marcos regime, has alienated millions of Filipinos from the government. Above all, there is a widespread sense that Marcos himself, a charismatic popular hero when he was elected President 14 years ago, has become the symbol of a plutocracy characterized by cronyism and corruption...
...unlikely to win recognition from any nation apart from South Africa, Zimbabwe Rhodesia, and its fellow black homeland states of Transkei and BophuthaTswana, which obtained "independence" from Pretoria in 1976 and 1977. The fragility of Venda's new status was even reflected in its stage-prop capital, Thohoyandou ("head of the elephant"). Pretoria had hastily fitted out the town for the occasion with a cluster of government buildings, a hotel, a supermarket and the stadium...
Economists, proud and powerful in the 1960s, now look like Napoleon's generals decamping from Moscow. Their past prescriptions ?tax tinkering and Government deficit spending to prop up demand, wage and price guidelines to hold down inflation?have been as helpful as snake oil. "Things just do not work now as they used to," says former Federal Reserve Chairman Arthur Burns, and who can contradict him? The U.S. economy, bloated and immobilized, has been turned topsy-turvy...
...specialty of international monetary policy, Dornbusch opposes the efforts of the Federal Reserve and foreign central banks to prop the dollar's value by buying up billions on the international money exchanges. His preference: let the dollar float freely until it reaches its real market value. Dornbusch takes much the same hands-off attitude toward trade: the U.S. should not protect its industries from foreign competition, and, conversely, it should insist that its trading partners reciprocate. In a free global market, Americans would be forced to face up to the fact that either the nation controls its inflation...
...poor Jewish parents on New York City's Lower East Side, Burns started putting his act together when he was seven in the Peewee Quartet, a group of kids who sang for small change in neighborhood taverns. By the time he was 14 he had found his main prop-a seven-cent Ricoro cigar. "I'd go into one of those places where they would press your suit while you stood in your underwear. I'd put it on hot-I wouldn't bend my knees until it had cooled off-and walk down the street...