Word: spiralling
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Dates: during 1970-1979
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...price spiral is also sustained by a vastly increased public interest in art. More than 175 million Americans visited museums last year. Americans are better educated and more intrigued than ever with objects of lasting value. They share a hunger for possessions that have not been stamped out en masse for a homogenized society. They are beginning to emulate upper-crust Europeans, who have always invested disposable income in tangibles. Says Sotheby's Wilson: "We live in such difficult times that the art of the past is somehow reassuring. It can even be an alternative to religion." For many...
...bulbs are no longer bullion, and it is not hard to imagine a time when art will not be either. It has happened before, and can easily happen again. Those who pronounce on art's power as a hedge against inflation-as a commodity that rides the inflationary spiral, always ahead of money-tend not to mention that when runaway inflation lays waste an economy, as it did in Weimar Germany, the value of art collapses...
...Spiral Staircase...
James D. Watson, former professor of Biochemistry, and Francis Crick of Cambridge University in England, won the Nobel Prize in the early '60s for discovering that DNA exists as a "right- handed double helix," resembling a spiral staircase that turns clockwise...
Ignoring these defects, Long and Ullman argue that the VAT could break America's inflationary spiral by providing the necessary incentives to boost productivity. Americans save a smaller portion of their incomes than citizens of any other western nation. With savings, so low, banks and business have limited funds to invest in expanding capital to spur productivity. The solution to this problem--for Senator Long and Representative Ullman--lies in a tax on consumption. They even propose that this consumption tax--the VAT--partially replaces the corporate profits tax to free still more money for investment. Evidently, Long and Ullman...