Word: stopgaps
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Foreign assistance will help, but only to some extent. The Soviet Union has promised $690 million in goods and hard currency. President Carter has pledged $670 million in credits for U.S. grain and other foodstuffs. Western banks have arranged for new loans totaling $1 billion. These are stopgap measures. Polish economists agree that further belt tightening and a program of profound economic reform will both be necessary. One proposal: decentralization of economic decision making so as to give plant managers more responsibility. This will even include the introduction of a profit motive. Most experts also believe that the pricing system...
Indexation, the system of pegging payments such as salaries or Government Social Security benefits to the rate of inflation, is a siren that has attracted supporters on both the political right and left. Milton Friedman, a sometime adviser to Ronald Reagan, has advocated COLAs as a stopgap to mitigate the social disruptions caused by soaring prices while action is taken to bring inflation under control. And Rudy Oswald, chief economist of the AFL-CIO, says, "Indexation allows workers to make up for some of the inflation that has taken place...
Cossiga's Cabinet, born as a stopgap "government of truce" after last summer's inconclusive national election, caved in after the Socialists announced that they would no longer keep it afloat by abstaining on key votes.* Cossiga did not bother to go through the formality of a vote of confidence. After a brief parliamentary debate, he routinely visited the Quirinale Palace to submit his resignation; just as routinely, President Alessandro Pertini asked him to stay on as caretaker...
Though a number of stopgap solutions are being proposed for the present squeeze, the one that makes the most sense is also the one that bankers and government officials agree has the least chance of being adopted. This is Federal Reserve Governor Henry Wallich's proposal to have the OPEC oil exporters that hold the surpluses make loans directly to Third World borrowers. Says a piqued U.S. official: "I'm not at all sure that we should encourage either banks or the IMF to recycle those funds. We should let developing nations deal with OPEC itself. That...
...Cabinet ended what had appeared to be an insoluble political crisis lasting 186 days-a new national record-and dating back to January when Premier Giulio Andreotti was toppled by the Communists' withdrawal of their parliamentary support. It also showed every sign of being a stopgap. "We will have a government of truce," quipped a deputy in a cartoon in Turin's daily Stampa Sera. "Hostilities will be resumed at a date to be agreed upon...