Word: tooke
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Dates: during 1970-1979
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Most U.S. officials, but not all, took a dim view of Jackson's personal diplomacy. Said one: "If nothing else, Jackson's trip will show the Israelis that there is growing curiosity in the U.S. about why the Palestinians are still refugees...
...sides are behaving as if there were no insurmountable problems," a senior adviser to Muzorewa said in amazement at the pervasive mood of sweet reason. Even the militant Mugabe confessed that he was "cautiously optimistic" about the possibility of a settlement and graciously took Muzorewa off his personal list of "war criminals." His conciliatory tone was shared by fellow Guerrilla Leader Nkomo, who told TIME'S William McWhirter, "I would like everybody to be given a chance to contribute to a rea-soned-out solution of the problem. It is not the conference that has changed things...
...length and depth of this slump will be largely determined by monetary policy. In the eight weeks since Paul Volcker took over as Federal Reserve chairman, businessmen's basic cost of borrowing money has jumped from 11.75% to 13.5%, the highest in history. Most board members hold that the increases will soon stop but interest rates will remain steep over the next year. Some fear that the Fed may worsen the recession by inducing a classic credit crunch, in which little money is available for borrowing to finance new plants and create jobs...
Greenspan, who as chief economist in the Ford Administration devised the measures that helped pull inflation down from 12.2% in 1974 to 4.8% when Jimmy Carter took office, is the most confident of the board members that stringent fiscal and monetary policies alone can work again. He predicts that if a firm hand is kept on the economy and the political leaders avoid the temptation to stimulate growth just to get elected, inflation will decline to perhaps 6% in 1981. No matter how high the cost of curbing the price plague, concludes Greenspan, some unpleasant medicine taken now will...
...dollar was again the primary victim of this classic inflationary flight into goods. West Germany raised the value of its muscular mark by 2% against other European currencies to discourage speculators from dumping dollars to buy marks. But all it took was some news about the U.S. trade deficit to send the buck plunging sharply anyway. Most members of TIME's Board of Economists expect the dollar to fall further. So long as inflation in the U.S. remains steeper than in other leading industrial countries, says Economist Otto Eckstein, "the dollar is indefensible...