Word: warning
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Moreover, bankers warn, calling the loans would dry up the trickle of payments that the Poles are actually making. Says a leading U.S. moneyman: "Poland is not paying anything more than nickels and dimes right now. But with default, we don't even get that...
Academic experts warn that one of the first consequences of such action would be to reduce the little leverage that the West has on Warsaw and Moscow. Says Edward Hewett of the Brookings Institution: "A default would prompt the loss of what influence we have." The move would also hurt the reputation of Western bankers. Adds a European banking authority: "A Western declaration of default would make the Soviets chuckle. The Russians would be able to discredit the West, particularly in the Third World, where such action would be regarded as callous capitalism...
Liberals and conservatives are joining forces now to warn of the dangers of the deficits. Walter Heller, a Democrat who was chief economic adviser to both John Kennedy and Lyndon Johnson, argues that the Administration's deficit spree might induce such tight money that it would abort any recovery. Heller wants to shrink the deficit mainly by raising taxes in 1983, a step that could batter the economy even lower. Some conservative economists predict that the result of the red ink will be higher interest rates. Says Burton Malkiel, an adviser to Gerald Ford and now dean...
...Freddie, who was knighted by Queen Elizabeth in June 1978, tried in vain to get help. Last Sir Freddie Thursday he phoned Iain Sproat, Britain's Under-Secretary for Trade, to warn that without government aid, his airline would crash. Later that day Prime Minister Margaret Thatcher discussed Laker's plight with several Cabinet members, but chose not to bail out the carrier. Early next morning, at a tense meeting with his board of directors at Gatwick, Laker called it quits...
...language delicately calls "a third party," is also a rising cause of divorce. Peking's Research Association on Marital Affairs solemnly states that fickleness can come from social-climbing, gold-digging, unsatisfied sexual or romantic desire, or simply "bourgeois liberalism." Peking has plenty of gloom-and-doomers who warn of bankrupt Western ways. These ideologues blame the increased divorce rate on creeping "bourgeois ideas" of materialism and egotism. In fact, the demand for divorce seems highest among the most Westernized Chinese. Some of the leading marital experts, however, see a positive side to the increase in broken marriages...