Word: spiralled
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...same time increasing savings and building up personal assets faster than debt. Though consumers are taking on installment debts at the rate of $65 billion this year, the percentage increase is actually less than last year. But consumer credit is expected to take off on an even faster upward spiral next year as more and more new families keep forming and -like true red-blooded Americans-going into debt...
...last year, the lira has gained slightly against the pound, lost only 4/10 of 1% to the dollar. But Italy's economy still faces a tough and crisis-ridden fall. Whether it survives in good shape depends largely on whether it can check its upward wage spiral and thus avoid pricing itself out of world markets...
...Haggling. Who pays? Parisians and tourists and antique dealers from the U.S.,* who have helped bid up French prices so astronomically that Flea Market dealers are beginning to do some of their own shopping on London's Portobello Road, where the spiral is also coiling upward. The oldtime tradition of haggling has become a thing of the past. "We know the value of things," says one dealer stiffly. "We mark our prices and we don't expect to bicker...
...though an imperfect indicator, has stayed flat for many months. The more sensitive index developed by the National Bureau of Economic Research has been rising, and the consumer price index has been rising steadily too - but at a pace that economists consider normal. For the present, no serious inflationary spiral is in sight. Last week President Johnson expressed his opposition in strong terms to any broad steel price increase. Said he: "If you had a price increase, it would strongly conflict with our national interest in price stability. We think that stability is essential to sustain a strong expansion...
...yard. The reason: it is good for U.S. exports. Right now Europe is plagued by inflation; Robert Marjolin, the Common Market's vice president, last week warned the six member nations that "severe measures" will have to be taken to halt it. Caught in a wage-price spiral that this year alone has boosted wages 19% in The Netherlands, European manufacturers are no longer able to cover increasing expenses out of their earnings, instead are raising prices. One result is that imports from the U.S., even after markups of as much as 40% to cover transportation costs and duty...