Word: rated
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Dates: during 1970-1979
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...horizon, and the future looks worse, not better. "We assumed that if we worked hard to save money for four or five years we could begin to recover with the help of the national economy," Kaufmann says. "But here we sit looking at a 13 per cent inflation rate." He compares his position to a doctor who keeps running tests on a sick patient to discover what's wrong, and each new test fails to work, until he begins to run out of tests altogether...
...other miners at Homestake, they get paid only for the volume of rock they shake loose and ship out - plus an hourly bonus based on fluctuations in the price of gold. (In the past month the bonus has nearly doubled, from 310 to 570 an hour. The daily gold rate, chalked on dimly lit blackboards deep under the earth, is watched by miners as keenly as it is by the gnomes of Zurich...
...same time, two events added to doubts that Western policymakers would come to grips effectively with their common economic problems. In Paris the finance ministers and central bankers of the Big Five monetary powers-Germany, Japan, France, Britain and the U.S.-failed to end a potentially damaging interest rate war among them. And the International Monetary Fund issued a gloomy study predicting a worsening economic outlook...
...chairman is already making the rounds in Washington. Though he has headed the U.S.'s central bank for a little more than seven weeks, tall, taciturn Paul A. Volcker has lost no time in establishing himself as a staunch inflation fighter, dollar defender and hard-liner on interest rates. Since he took charge on Aug. 6, the key rates used to manipulate credit policy have shot up dramatically. The Fed last week raised the discount rate, which is the interest it charges on money that it lends to member banks, by a half-point, to 11%, a record high...
...anomaly, however, is the fact that despite the heights that interest rates have reached, there has been no shortage of cash for borrowers. Indeed, the money supply grew at a fast annual rate of close to 13% in the past two months. Though Volcker feels that the growth should be curbed, the spread of such financial innovations as credit cards and savings certificates tied to Treasury bill rates have lessened the Fed's ability to control the nation's money stock...