Word: wool
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...Museum Director Paul Smith, "and we must minimize our possessions." Hence his home-furnishings display concentrates on items that can be used for more than one purpose or are easily stacked and stowed. Sleeping bags are brightly adorned and embroidered to serve as wall hangings between camping trips. Triangular wool pieces can be spread out as floor covering or piled up as low seats. A lamp inflates like a balloon. A combination writing table and bulletin board can be folded down to a rectangle only three inches thick. There are dining-room sets that collapse into practically nothing, a mini...
...five-hour-long morning services of atonement, they found the streets filled with speeding trucks, buses and Jeeps. The Israeli radio was back on the air. All afternoon its broadcasts of news bulletins and classical music were interrupted by such incongruous phrases as "meat pie," "sea wolf" and "wool string"-military codes calling reservists to duty. By late afternoon, virtually every Israeli-and much of the rest of the world as well-knew that what Defense Minister Moshe Dayan defiantly called "all-out war" had begun again...
...fashion in a nation surfeited with material abundance, but now it may be on the verge of a comeback. At the height of its biggest boom, the U.S. seems almost to be based on an economy of scarcity. Shortages of an astounding variety of goods-fuel oil, nonferrous metals, wool, copper, cotton denims, vinyl records, plastic bottles, to name a few-are jacking up prices, interfering with production, and in some cases directly threatening American living standards...
...businessmen stress a third reason for shortages: price controls. Critics charge that by preventing companies from raising prices of finished products as high as the market will bear, the controls have also made it impossible for American industrialists to pay the high prices that such materials as copper, cotton, wool, lumber and chemicals now command on world markets. Inevitably, the goods are being carried off by foreign buyers, especially the Japanese. ("The Japanese have bought up every pound of wool in the world!" a New York buyer hyperbolically exclaims.) Says Alan Greenspan, a member of TIME's Board...
...food-price spiral. A stronger dollar would also mean that American consumers would have to put up fewer greenbacks for imports like Japanese cars and French wines, and U.S. manufacturers would have to pay less for high-priced, short-supply items from abroad like Ghanaian cocoa and Australian wool, thereby relieving domestic inflationary pressure...