Word: ruinous
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Dates: during 1970-1979
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...make Congress more responsible in money matters. So far, it seems to be working. Though the congressional deficit figures are higher than the $60 billion that President Ford regards as a tolerable limit, they are within the range that most economists think can be handled without touching off a ruinous competition between the Treasury and private corporations for borrowed funds. Despite strong pressures for additional spending on anti-recessionary proposals, the Senate finally accepted the recommendations of its Budget Committee for such programs as the $9 billion recovery-program amendment sponsored by Minnesota's Democratic Senator Walter Mondale...
...comply with new legislation. But Burns insisted that inflation remains the No. 1 long-term problem. Excessive congressional spending on stimulative programs and high federal borrowing, he warned, could lead to a budget deficit of $100 billion for fiscal '76. That, in turn, could reignite ruinous double-digit inflation...
...August 1915, a Catholic priest serving as a lowly stretcher-bearer with a French infantry regiment was cited for displaying "the greatest self-sacrifice and contempt for danger" during a ruinous battle. But there is no mention of the honor in the cheap school notebook in which, during the same week, the priest began keeping a diary "to force myself to think, to observe, to be precise...
...suppose that such secrets can be kept for a time, but in our society they cannot be kept forever. These are agencies that find their honor in the way they uphold the law. Nothing is more ruinous to them than actions that violate the very law they are entrusted to enforce. If the laws are not constructed in such a way as to confine our police and intelligence agencies to their legitimate work, then the days are numbered for freedom in this country. I am very much opposed to the Government's constantly looking over every citizen...
Essentially, gold hoarding is a defensive measure, a hedge against some cataclysmic disaster such as a devastating war or total economic collapse. The world's champion hoarders are the French, who have learned through bitter experience-two centuries of ruinous wars, revolutions and often drastic currency devaluations-that a few kilos of gold buried in a flower garden are sometimes the only insurance against personal financial disaster. Almost half of the entire 8,900 tons of gold held privately in Europe is in France. Today's French goldbug, says Paris Financial Editor René Sedillot...