Word: stagings
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Dates: during 1970-1979
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...kept convincing himself that the dollar might be miraculously rescued by an improvement in the U.S. trade deficit (down from almost $3 billion in July to $1.7 billion in September), by passage of the long awaited and much battered energy and tax-cut bills, and by the President's Stage II anti-inflation program of wage-price guidelines. After all, money traders, finance ministers and central bankers agreed that the long decline had caused the dollar to be grossly undervalued. The greenback will now buy more coffee, clothes, steel or whatever when spent as a dollar in the U.S. than...
...turning point, which forced Jimmy Carter to change his mind, came shortly after he went on television Tuesday night, Oct. 24, to announce his Stage II anti-inflation program. He not only proclaimed wage-price guidelines but also pledged to slash the U.S. budget deficit further and ease the inflationary burden of Government regulation on business. Far from steadying, the financial markets went berserk with the wildest selling spree yet, obviously because investors and speculators judged the policy to be not strong enough. The U.S. stock market tumbled into a deepening nosedive that carried the Dow industrials down 105 points...
...drop opened frightening prospects. As Blumenthal stated on TV last week, an endless fall in the dollar's value would destroy any chance that Stage II could succeed; the rise in import prices would overwhelm the most valiant struggles that companies and unions
...Administration picked up this feeling in September, when the International Monetary Fund convened in Washington. Even that early, the outlines of the Stage II anti-inflation program had been extensively leaked and discussed in the press. Foreign and American bankers warned U.S. Government officials that if the policy went no further than indicated by the reports they had read, the dollar would continue to fall. Immediately after the IMF meeting, Blumenthal assigned Treasury Under Secretary Anthony Solomon to meet secretly with Fed Chairman G. William Miller and plan what to do in a "worst case" of threatened dollar collapse. Solomon...
...Friday morning, Oct. 27, less than three days after the Stage II speech, it was obvious that the hope was in vain. Blumenthal phoned Carter and told him that something had to be done immediately to save the dollar.* The two huddled privately that afternoon following a Cabinet meeting. Carter told the Secretary to accelerate the planning but maintain deepest secrecy...