Word: switzerland
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Dates: during 1970-1979
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Commugny, Switzerland...
...OPEC governments eager to protect their oil profits from U.S. inflation and the decline of the dollar, but also from peasants and small traders for whom gold remains the most popular portable security. Demand from Europe is accelerating because inflation there is rising. Bullion fever has now spread to Switzerland, reflecting fears about inflation even in that land of granite-hard currency...
DIED. André Meyer, 81, Paris-born investment banker who dominated Wall Street's aggressive Lazard Frères & Co. for 34 years; of pneumonia; in Lausanne, Switzerland. A star at Lazard's Paris affiliate before fleeing France in 1940, Meyer became senior partner at the firm's Manhattan headquarters in 1944 and turned a cautious house into a corporate merger machine instrumental in the making of such giants as RCA and ITT. A compulsive worker, he amassed a fortune estimated at half a billion dollars, became an adviser to Presidents Kennedy and Johnson and gave millions...
...while surveys show that compared with America, living costs are up to 73% higher in Switzerland and about 40% higher in West Germany and France, it is also true that European salaries are occasionally richer. A recent study by a U.S. management consulting firm, Towers, Perrin, Forster & Crosby, calculates that the chief executive of a typical medium-size company in Germany earns 50% more than his U.S. counterpart, 40% more in Belgium and The Netherlands, and 20% more in France. Business International, a Geneva research firm, notes that in Switzerland today, a receptionist now gets $19,700 a year...
...President omitted the two key elements: decontrol of U.S. crude oil prices so that domestic gasoline and heating fuel prices would rise to world levels (Americans still pay less than one half as much for gasoline and fuel oil as Europeans) and an emphasis on expanding nuclear energy. Commented Switzerland's Journal de Geneve: "The President feared, not without reason, that decontrol would push U.S. inflation to an intolerable level. But that also would have been a return to truth in pricing, which is the basis of American capitalism...