Word: three
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Dates: during 1970-1979
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...however, that they and almost all the other experts have grossly underestimated inflation's staying power in the past several years. Cracks Otto Eckstein, head of Data Resources, Inc.: "I have been predicting the inflation rate for maybe 20 years, and I must have got it right about three times...
...controls, most board members gave that prospect only a 20% to 40% chance. Carter first would need congressional authority and, as the debate raged on Capitol Hill, businessmen would rush to raise prices to get in under the wire. Further, board members argued, controls would not affect three major sources of price increases: OPEC; Federal Reserve Chairman Paul Volcker, who does so much to set interest rates; and God, who creates the weather that determines the size of harvests...
They spent even though real personal income declined. Americans fought against the shrinking of their incomes in three ways: they sent more and more spouses to work; they drew down their personal savings; and they plunged more deeply into debt. But these defenses are rapidly being exhausted. Fully 60% of all U.S. women aged 20 to 64 hold paying jobs; not many more housewives are in a position to go to work. Savings have declined since the early 1970s from 7.4% of income to a modern low of 4.3%. Consumer installment credit has surged from $210.8 billion...
...searching for solutions, Americans could no longer put their faith in those two old reliables, technology and economic theory. The failings of technology were exposed by the radioactive clouds rising from Three Mile Island, the flames spitting from the DC-10 that lost an engine over Chicago, the poisons seeping into the Love Canal. The frustrations of economic theory were revealed by the inability of the disciples of John Maynard Keynes, the British economist whose market-manipulating philosophies have dominated policymaking since the 1950s and 1960s, to deal with the stagflation realities of laggard growth, runaway prices and receding productivity...
...Patriotic Front guerrilla alliance, had entered a gilded room in London's Foreign Office to add their signatures to a twelve-page protocol that had already been initialed by representatives of Britain and the now defunct Salisbury government of Prime Minister Abel Muzorewa. The document: a three-sided agreement for a complete cease-fire in Zimbabwe Rhodesia's increasingly bloody seven-year civil...