Word: tightness
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Dates: during 1960-1969
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...Tight Corset. As Robert Ball, TIME'S European economic correspondent, reports: "The root of last fall's crisis, the fundamental imbalance between the robust West German mark and the weak French franc, has not been lastingly removed. The tight corset of exchange controls is all that is holding the franc up. Though the controls have impeded any further outflow of francs from France, Paris has failed to lure back the bulk of hot money that it had previously lost. In Europe, the skepticism about France's chances of avoiding devaluation is widespread...
...David Kennedy began warning openly, although the issue was never much in doubt, that the 10% tax surcharge may have to be extended a full year beyond its June 30 expiration. Last week Paul McCracken, the President's chief economist, warned the Joint Congressional Economic Committee that current tight-money policies may have to be maintained throughout 1969. It is now considered quite possible that commercial banks will once again raise the prime interest rate, which is already at 7%. Any further increase would make it that much costlier for companies to carry out capital-spending plans...
...does, it avoids such situations. But these incidents are, in any case, relatively inconsequential. The university's position--determined by the strength of its ties with other powerful institutions--is far too secure to be threatened by powerless students or concerned faculty. The university guild has only to sit tight and it will remain untoppled...
What other policies? Beyond the classic tools of high taxes, tight money, steep interest rates and restraint on Government spending, the most direct way to fight inflation without increasing unemployment would be outright federal controls on wages and prices. Paul A. Samuelson of M.I.T., a liberal economist, says that controls should be "saved for emergencies"; most officials shudder at their use under any. circumstances. In a letter to the Washington Post last week, Harvard's John Kenneth Galbraith argued for revival of the Johnson Administration's voluntary wage-price guideposts, "or something similar." Yet, as Johnson learned, such...
...disastrous performance in cross-country, typically Harvard's weakest event, dropped the Crimson from title contention to fifth place at the close of the first day. Steve Hinkle puffed home eleventh, trailing the fifth-place competitor by just more than a minute in an unusually tight race. Nordic Captain Jim Wolfe ran his best race of the season to finish 20th. Ferner followed in 21st place