Word: schmidts
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...economics. The three-day gathering will bring together government chiefs of six nations that account for roughly 70% of the non-Communist world's production and trade: U.S. President Gerald Ford, French President Valéry Giscard d'Estaing, Japanese Premier Takeo Miki, West German Chancellor Helmut Schmidt, British Prime Minister Harold Wilson and Italian Premier Aldo Moro. Their purpose: to discuss ways in which their countries can cooperate to lift the industrial world out of its worst business slump since the 1930s...
...even more important topic, U.S. officials are bracing themselves to resist some polite arm-twisting by the Europeans, who believe that a fast U.S. upturn would mightily help to lift other economies out of recession by increasing American demand for imports. Giscard, Schmidt and other leaders are particularly interested in persuading Ford to avoid any actions that might slow down the U.S. economy, such as letting New York City go bankrupt, cutting Government spending or allowing interest rates to rise. Their entreaties will get a sympathetic hearing from Ford, but nothing else. Administration policymakers assert that they cannot make critical...
These countries argue with some justification that it is all but impossible to make important decisions on trade and investment when the value of currencies can rise or fall as much as 20% within six months, as some in fact have. Schmidt believes that volatile shifts in exchange rates contributed substantially to the recession by reducing business investment and curtailing trade. But U.S. officials, notably Treasury Secretary William Simon, are strongly in favor of continued free-floating exchange rates. They view any move away from that as a step back toward the old system of rigidly fixed exchange rates that...
...rate of inflation is now only 5.1%, a pace that would allow the Schmidt government to move to more stimulative policies. But so far Bonn has held back, contending that to follow a more vigorous course would only risk re-igniting German inflation without doing much to boost demand in the depressed economies of its chief trading partners -a rather Ford-like position. Though the government has made some stabs at stimulation with investment grants, tax cuts and a highway spending program, German businessmen continue to hold down capital spending. Jittery German consumers are also saving an inordinate amount...
West German Chancellor Helmut Schmidt told President Ford that the New York