Word: sprees
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Dates: during 1970-1979
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Underpopulated, oil-rich lands like Saudi Arabia, Kuwait and the United Arab Emirates are clearly less capable than countries like Iran and Venezuela to buy up Western exports, but they have been funneling loans and grants to other, more crowded Arab nations eager to join the shopping spree. Says Yale Economist Richard Cooper: "Once you start giving to Egypt, there's a lot of money that can be spent." The industrial countries, which are generally short of capital, could use OPEC surpluses invested in their economies to create additional goods and services for export...
...problem is worldwide inflation. The Chinese have not been hit nearly as hard as most industrial nations and have, as Chou boasts, enjoyed "stable prices." Two years ago, Peking began to purchase whole industrial plants from Japan and Western Europe, mostly to produce badly needed fertilizer. As the buying spree went on into 1973, the Chinese ended up with a modest trade deficit of $80 million. Swallowing a longstanding aversion to taking credit, Peking had to accept what were euphemistically called "deferred payments" to finance the purchases. Now the foreign trade deficit has leaped forward to an estimated $750 million...
...said Mrs. Naomi Stout, a housewife who lives in Newark, Del. John DeFazio, president of a steelworkers local in Pittsburgh, thinks that most of his fellow union members will use the money to pay off debts "because things haven't stabilized enough to go on a buying spree...
...Crimson shooting turned cold and UMass stormed back behind big men John Murphy and Jim Town. Each netted four points in the spree to propel UMass to a 72-67 lead...
...long wait, complete with Frost and a tour of the streets of Zaire's capitol, brought a spree of fights. One dead and two wounded back in Louisville, and a handful bounced out of Hynes...