Word: shifted
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Dates: during 1970-1979
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...inflation, you ought to strengthen the dollar, you ought to tighten money, but holy smokes, not necessarily to the extent of knocking the props out from under profits." Still, the chaos in the markets deflected attention from the more fundamental significance of the Federal Reserve's moves, particularly its shift toward management of the money supply through direct controls instead of manipulation of interest rates. Conservative Economist Alan Greenspan describes this development as "by far the most important and significant change in U.S. monetary policy in a generation," and others concur. Says Carter's chief economic adviser, Charles Schultze: "Whether...
Strictly speaking, the Federal Reserve's action is less a shift in policy than a change in procedure. Successive Fed chairmen, beginning with William McChesney Martin in 1951, have remained committed to holding down inflation by preventing the rapid growth of money and credit. But the economy of the 1970s has grown so bloated and distorted with spiraling prices that the traditional techniques of money management have become increasingly useless and even counterproductive. Indeed, at certain critical moments, well-intentioned efforts by the Fed either to tighten up or to relax the reins on monetary growth have boomeranged. The result...
Cabot says Harvard Management has already begun to shift its portfolio away from bonds and further into the energy and capital goods stocks it has traditionally favored...
...fact of life. For example, PLO head Yasser Arafat told visiting American black leaders last month he supports a U.N. resolution that, in part, "provides for the sovereignty of all states" in the Middle East. This concession reflects the PLO's search for legitimacy and echoes its general shift of direction since 1973 from terrorist tactics to diplomatic channels. Of course, the PLO still includes terrorist elements but they will subside only if moderation and diplomacy prove more effective than terrorism...
...threatening India? Were we seeking to defend East Pakistan? Had we lost our minds? It was in fact sober calculation. We had some 72 hours to bring the war to a conclusion before West Pakistan would be swept into the maelstrom. It would take India that long to shift its forces. We had to give the Soviets a warning. We had to be ready to back up the Chinese if they came in. Moving the task force into the Bay of Bengal created precisely the margin of uncertainty needed to force a decision by New Delhi and Moscow...