Word: quota
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More startling was Washington's "standby" arrangement to draw $500 million worth of convertible foreign currencies for one year from the IMF. The IMF is already stocked up with its full quota of dollars. The U.S. will therefore swap its borrowed currency for dollars held by foreign countries that need hard currencies to pay off debts to the IMF but cannot use dol lars to do so. These countries will thus be less tempted to convert the dollars they hold into U.S. gold. Sighed one U.S. official to the IMF: "I never thought...
...Rocks. The court's ruling cast a smog of gloom upon California. The state is currently using more than 5,000,000 acre-feet a year from the Colorado, and water needs are increasing relentlessly, so the 4.4 million quota seemed dismayingly skimpy. "If you order Scotch on the rocks in 1972," said Attorney General Stanley Mosk, "it may be really on the rocks...
California, however, faces no immediate water shortage as a result of the decision. Arizona uses only about half of its 2.8 million quota, and California can go on swallowing Arizona's unused share of the river. In the decade or more that it will take Arizona to acquire facilities for diverting its full quota, California will have had time to complete the $1.7 billion Feather River project for bringing water from northern California to the arid south...
...fall term wasn't quite over. The administration still had time to appoint Dick Harlow as Harvard's next football coach and to set up a quota limitation on the number of concentrators to be allowed into each Department. The idea of the new plan was to make sure no discipline's tutorial staff was overstrained. President Conant recommended the establishment of several "roving" professorships in his Annual report and urged the abolition of the Latin requirement for the Bachelor of Arts degree...
...incentive that helped boost farm production in the first place. Nevertheless, in Kiangsi province, Radio Nanchang exhorts daily: "The collective must come before private plots." At a commune in Kwangtung province, where peasants used to have to supply the collective with 33 Ibs. of human ordure a month, their quota has been boosted to 55 Ibs., thus limiting the only fertilizer available for freelance farming. As an added turn of the screw, production quotas for collective output have been sharply increased, in hopes that the peasants will have to spend more time working for Mao Tse-tung and less...