Word: rising
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Dates: during 1960-1969
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Several hundred million peasants will rise like a mighty storm, a force so swift and violent that no power, however great, will be able to hold it back...
...services. Last week the Federal Reserve issued some statistics that led even a few experts to conclude prematurely that it had begun to ease its tight-money policy. In reality, the board has done no such thing. It has merely followed its usual policy of permitting a slight seasonal rise to accommodate businessmen's heavy pre-Christmas buying patterns...
...Senate. The 1969 bill that the Senate passed last week is loaded with so many tax reductions?as well as a costly 15% increase in social security benefits?that the President has threatened to veto it. "I intend to use all the powers of the presidency to stop the rise in the cost of living," said Nixon at a press conference shortly before the Senate acted. "If I sign the kind of bill which the Senate is about to pass, I would be reducing taxes for some of the American people and raising prices for all the American people...
Today's stubborn inflation, according to Friedman and his adherents, has been greatly magnified by Federal Reserve Board mistakes. From April 1965 to April 1966, the money supply expanded at an abnormally high 9½%-per-year rate, even though inflation was on the rise. Too late, says Friedman, the board reversed itself too emphatically, and caused the "credit crunch" of August 1966. In 1968, the board, fearful that the tax surcharge would overburden the private economy, increased the money supply at an average annual rate of 10%?almost twice the rate that the economy could absorb without inflation. Then...
...rising fears of recession show that the Administration is at last making headway in its difficult fight against inflationary psychology. All year, Nixon's economic lieutenants have been trying to create a degree of uncertainty in the minds of businessmen, labor and consumers about the prospect for continued prosperity. Many experts find the present outlook no cause for alarm. Arthur Okun, the former head of the Council of Economic Advisers, calls the chance of either a recession or a continued boom "a long shot." By his handicapping, the Government stands a 50% chance of bringing the inflation rate down...