Word: spendthriftness
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Unpopular Task. Frondizi won office with Peronista votes, and his first political instinct was to repay the favor with such spendthrift sops as massive wage rises. But Frondizi, son of an Italian immigrant roadbuilder, is a responsible lawyer and political economist, and he soon made a different choice. He swapped Peronista support for army backing and began the dangerous, unpopular job of making Argentina live within its means. First, he coolly downgraded the ineffectual, sacred-cow national oil monopoly, by inviting foreign oilmen to develop Argentina's petroleum resources. The first new well came in last week, beginning...
...Pierpont Morgan bought more than $60 million worth of art in the 20 years before his death in 1913, but he was no spendthrift. The same collection today might well command ten times what he paid for it. His Renaissance library is now one of Manhattan's handsomest small museums. Author Saarinen calls the place (36th Street and Madison Avenue) "restrained, not opulent; exquisite, not ostentatious. The East Room is regal with lapis lazuli columns flanking the fireplace and with a Flemish 16th century tapestry above it. What unconscious impulse of guilt or pride determined the choice of this...
...Secretary of State to the Premier in 1953, he launched le plan Gaillard, a five-year program for atomic energy development. But he was little known to the French public until last summer, when as Finance Minister in the Bourges-Maunoury government, he courageously devalued the franc, forced spendthrift ministers to cut back their programs...
...borrowed from a cousin to "pay the soldiers," raised a traveling troupe of actors to glorify the exploits of Joan (and Gilles), and established "La Collégiale," a huge choir of children who sang religious songs. As his money melted away and the irritated King declared him a "spendthrift.'' Gilles turned to alchemy in the hope of paying his debts...
...Slipping Backward." Aramburu scornfully blamed Perón's dizzy, spendthrift economic policy. "If Argentina today had the foreign trade it had in 1943," said Aramburu, "it would be the first country of South America." Instead, workers continue to demand wage hikes without boosting productivity, creating a "vicious circle" of rising prices. Unlike Brazil, which is developing "great industries with modern techniques and foreign financial aid." too many Argentines still spout "wornout slogans about nationalism, about the oligarchs, about statism. We are slipping backwards every...