Word: said
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Dates: during 1970-1979
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Midway through the fourth day, the ministers called it quits. An exhausted Yamani pledged to hold Saudi prices firm at $24 per bbl., but he was well aware that the survival of the cartel was now in question. Said he, trying to put the best face on his defeat: "There will definitely be a [global] recession. We will notice a sharp drop in the spot market. Then there will be some sort of unification of price levels among OPEC members...
...most discouraging aspect of rising oil prices, said Okun, is that the recession will only temporarily and modestly constrain inflation. At very best, the rate of price increases will come down to 8%. After the 1974-75 recession, inflation was 5%, which at that time was considered "intolerable, horrible and unacceptable." Indexing, which automatically raises wages and pensions along with the price index, is not a cure but a disease that institutionalizes inflation, added Okun. He estimates that "if all payrolls were indexed instead of the roughly 15% that are now, the consumer price index would have risen more than...
...support the U.S. if Washington asked the United Nations Security Council to impose economic sanctions against Iran. "You would expect nothing less and you will receive nothing less but our full support," the Prime Minister told reporters. Carter and his aides were visibly delighted. At one point Carter said, "I want the American people to get to know you as I have come to know and admire...
Throughout her visit, Thatcher repeatedly praised Carter and the American people for their restraint; Europe, after all, is concerned that U.S. patience may crack and lead to retaliatory action that would create even greater problems. "Our admiration," she said, "goes to the American people for their patience and wisdom and self-control," which of course was a plea for continued coolness...
...sense of theater that many a politician might envy, she warned of Soviet expansionism, reaffirmed the values of old-fashioned liberal democracy and insisted that "resolve" was perhaps the most important quality needed in a leader as the world heads into the 1980s, which she dubbed the "dangerous decade." Said she: "Let us go down in history as the generation which not only understood what needed to be done but had the strength, the self-discipline and the resolve to see it through." The crowd interrupted a number of times with applause and ended with a standing ovation...