Word: propping
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Since the Soviet army invaded Afghanistan to prop up a Moscow-installed Communist regime in 1979, more than 20,000 Soviet fighters have died. An estimated 1 million Afghans have lost their lives. Weary of such bloodshed, Soviet Deputy Foreign Minister Igor Rogachev said last November that Moscow had made the "political decision" to pull out its 115,000 troops, but a timetable remains to be worked...
...large extent, the fate of the dollar -- and the entire U.S. economy -- is in the hands of Chairman Alan Greenspan and the other governors of the Federal Reserve Board. As always, Greenspan faces some hard choices. If he raises interest rates to prop up the dollar, he risks stifling economic activity and triggering a recession. But if he allows the money supply to grow too quickly, and interest rates drop, the dollar could go into a further nose dive, and inflation would take...
University officials said this prop- osal has a good chance of passage. "I think itis very likely [the plan] will pass," Dean of theCollege L. Fred Jewett '57 said...
...cost. That means encouraging the Federal Reserve to pour money into the economy and reduce interest rates. But in doing so, the Administration has had to make a sacrifice, the U.S. dollar. Treasury Secretary James Baker, the chief architect of the plan, maintains that any additional attempt to prop up the dollar with relatively high interest rates could choke the economy and further devastate the stock market...
Many American experts now believe that was a serious mistake. The dollar, its real value undermined by budget and trade deficits, has continued to attract more sellers than buyers. Central banks have spent something like $90 billion this year buying greenbacks to prop up the price. Worse, the Federal Reserve was forced into the high-interest-rate policy that proved to be poison to world stock markets. And still the Louvre values could not be sustained. ( Last week the dollar fell to new lows against the West German mark and Japanese yen; foreign governments seemed willing to buy only enough...