Word: trillion
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
When Jimmy Carter said a trillion, did he really mean to say a hundred billion or so? And did he threaten the oil companies earlier with "punitive" legislation when he actually only had an "unfriendly" law or two in mind? These were some of the weighty issues that preoccupied the policymakers on the energy front last week, as attention continued to be focused on Big Oil's current gusher of profits...
...much of last week quarreling over what to do about oil industry profits. The low point was reached on Monday in Providence, R.I., when Carter told a conference of Northeastern state officials that the Senate's efforts to water down his proposed windfall profits tax "could become a trillion-dollar giveaway to the oil companies...
...President's broadside was recklessly inaccurate, and embarrassed White House staffers had to rush to issue "clarifications," The trillion dollars, a White House aide explained, is actually the amount of additional oil revenues-not profits-that the companies will receive as a result of decontrol of domestic crude oil prices over the next ten years. What Carter meant to say, the aide insisted, was that the Senate version of the windfall tax bill will leave the industry with $130 billion more in profits from decontrol than the House measure. Other aides meanwhile tried to downplay and defuse the remarks...
...This trillion-dollar capital market has won both ardent fans and impassioned opponents. In its defense, commercial bank ers note that the Eurocurrency market readily supplies investment funds for multinational corporations and provides the mechanism whereby the OPEC countries ''recycle'' their new riches to poor developing nations. OPEC'S leaders, ever fearful of placing too much money in any one country, prefer to keep their petrodollars in short-term Eurocurrency deposits free from the long arm of any government...
...Eurocurrency market has been one of the most important financial innovations of the postwar era. By opening a vast new source of investment capital, it has furthered international trade and development. But the $1 trillion credit reserve floating free from national or international restrictions also breeds currency instability and inflation. Moneymen figure that they must now correct the problems the Eurocurrency market has created without, in the process, destroying this useful credit system-but nobody is yet sure just how to do that...