Word: worthlessness
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...fact, Kidd and other Pentagon planners are finding that some of the contracts they do sign are all but worthless. Because inflation has wiped out their profits on fixed-price deals, some contractors are backing out of their commitments, even though they risk being sued for default. Says Admiral Kidd: "Subcontractors tell us that it is simply cheaper for them to renege on the or der with the prime contractor. Litigation for default will cost them $3 million to $5 million, but at least they will keep the company" - which might go bust if it sold at the originally agreed...
...silly to condemn Whitney's stealing, compared to the huge size of the kind of "legal" stealing that goes on all the time; silly to laugh at or pity Whitney's faith in his worthless distilleries when this is the kind of faith so many successful capitalist ventures have been built on. It's only that Whitney demonstrates the last stages of personal disintegration for the capitalist, and may warn us, on a larger scale, of the no-holds-barred rapaciousness combined with childlike faith in the impossible that may surface in American capitalism's coming death-rattle...
...political style is dead. It should be buried, particularly by Presidents. Everybody except the politicians seems to sense that. Hoopla, frantic flying, blarney about peace and prosperity are worthless. Worse, they are laughable...
Unsalvageable Situation. When the son of Receiver Jon Henderson was treated in a hospital, Henderson was told that the Wheels' hospital insurance was worthless and was billed $500. When paychecks stopped coming, the families of players doubled and tripled up in houses to save rent...
Kissinger, reports Schecter, sees the current energy crisis as a problem that demands the industrial nations enter "a new era of creativity and cooperation that will help the developing nations as well." If nothing is done and oil prices remain high, Kissinger fears, all debts will become worthless paper and trigger a widespread industrial collapse that would have a greater impact on the developing world than on industrial nations...