Word: spiralling
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...runaway spiral of oil prices has gone beyond economics to become a matter of diplomatic concern. Secretary of State Henry Kissinger implied at a press conference last week that it could bring on a "worldwide depression" by making industrial nations unable to pay for the oil they need. He went on to promise mysterious "personal initiatives" by President Nixon, starting this week, to get about 20 oil-consuming and -producing countries together to do something to prevent prices from exploding through the stratosphere...
With the clarity of hindsight, economists now generally agree that the horrendous price spiral was all but guaranteed in 1973 by a combination of bad luck and policy mistakes by the Administration. For one thing, the economy whooshed into 1973 at a blistering, inflation-generating pace. The main propellant was the immense buying power that resulted from lavish Government spending and the Federal Reserve Board's startlingly openhanded money policy during the presidential election year of 1972. Yet one of the Nixon Administration's first acts in January was to replace the relatively successful Phase II wage-price...
...into the innermost interstices of the economy. A key reason is that, though it may change its definition of full employment, the nation remains committed to using the full spending powers of the Government to avoid a deep recession. Thus the U.S. must forgo the breaks in the price spiral that recessions used to produce...
...movement to discourage economic and population growth in order to protect the state's agreeable style of life. Last fall he reported on the efforts of householders in declining Chicago neighborhoods to prevent runaway banks from cutting off mortgages and home-improvement loans and thus accelerating the downward spiral of their communities. Secondly, Moyers keeps a door constantly open to cinema verite film makers willing to shoot something more illuminating than rock concerts. In December he and Producer Wayne Ewing did an emotionally potent study of an encounter group for clergymen who were trying to break through the inhibitions...
...assumptions: first, that world commodity prices would come down from their record highs, and second, that workers would moderate their wage claims. Both proved to be false. By late summer it became obvious that world commodity prices were not stabilizing at a substantially lower level. The inflationary spiral of higher prices for raw materials, food and manufactured goods inevitably added to the pressure for a boost in wages. Food prices alone jumped 18% over the past year, and in October the minimum bank lending rate rose to a record...