Word: borrowers
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Dates: during 1970-1979
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...perhaps as much as $40 billion in 1980. Developing nations would be hurt worst, since many of them have no exports of real value to count on at all. Their debts, which already total some $300 billion, would swell by perhaps another $60 billion, requiring poor nations to borrow yet more billions...
...soaring payroll and energy costs and time lags in getting reimbursements from state and federal governments (such government payments make up 60% of Chicago's $1.4 billion annual budget). Chicago's schools began to lose their delicate financial balance after plans unexpectedly fell through last month to borrow $124.6 million by selling financial notes to banks and other investors. Analysts at Moody's Investors Service, which rates the quality of investments like the school board notes, gave the notes only a low, "MIG-4" rating. Reason: the board planned to use some of the money to repay...
With the standard North American Christmas dinner about as predictable as a Norman Rockwell rendering, the time has come to borrow from other countries their versions of foods that seem traditionally American: the turkey, the yam, the potato, the pumpkin. For starters, how about pumpkin soup? Or bawd bree, the rich hare broth of Scotland? It might be followed by Colombia's pato borracho (drunken duckling) or Gaelic roastit bubblyjock wi' cheston crappin (roast turkey with chestnuts) and rumblede-thumps (creamed potatoes and cabbage). Dessert could be Mexican torta del cielo, or a rum-flavored nut tart from...
...Confidence in the international monetary system was shaky enough before last week's action. Since 1973, the nearly tenfold increase in oil prices has sent an estimated $150 billion cascading into OPEC's coffers. The resulting deficits of the oil-dependent nations have soared, forcing countries to borrow heavily just to pay for their oil imports...
This process, known as petrodollar recycling, has pushed up the debts of the less developed nations to $300 billion. Many nations are so weighed down with debt that bankers are growing wary of lending them more. Yet if they cannot borrow, poor countries will have trouble importing more oil. Without energy, their economies will slump, exports will shrivel, and they may default on existing loans. At the extreme, that would threaten some of the lending banks with failure, and the U.S. Federal Reserve would have to push the money printing presses into overdrive to bail them out by advancing huge...