Word: 1920s
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...days of doubt and anxiety following the stock-market crash, U.S. banks got a public vote of confidence as Americans rushed to put more of their money into nice, solid, federally insured savings and checking accounts. That was a far cry from the 1920s and '30s, when frightened investors hustled to their banks and clamored to withdraw their money. But even though angry mobs are rarely battering at their doors, today's banks and thrifts are being rocked by tremors just as dangerous as those of half a century...
During the 1980s Spring Street, like so many other neglected, down-and-dirty streets around the country, is shuddering back to life, becoming a gleaming circa-1920s boulevard. Many of its handsomely scaled old masonry buildings were renovated: derelict art moderne office buildings became cool art moderne apartment buildings, and the art deco stock exchange was reborn as an art deco disco. There were more than two dozen major restorations in all -- including what had been the CRA's office building. The CRA, as it happened, had helped foster this revival. So in 1980 back came the urban-planning bureaucrats...
...Louis Sullivan's 1895 Guaranty Building in Buffalo and the Peabody hotel in Memphis, a grand 1920s confection, have been restored perfectly, and they are not flukes but two redemptions among dozens, among hundreds. Downtowns are being preserved, piece by piece, and have been rediscovered, city by city, as places to live as well as work. "Almost every city, down to the third tier -- places like Dayton and Toledo -- has done something," says Northwestern University Urbanologist Louis Masotti. "It's not a fad. It's a demographic phenomenon. The 1980s have been the decade of the cities' revival...
...West Germans are reluctant to push their economic growth, which is expected to be only 2% next year, because of a deeply ingrained memory of the hyperinflation the country experienced in the 1920s. Says West German Economist Dieter Mertens: "Inflation is regarded by most Germans as on a par with Communist domination and morally equivalent to the work of the devil." Even a rate of 3% or 4% is unacceptably high to Finance Minister Stoltenberg, whose resistance to foreign prodding has earned him the nickname "Ice Prince" among U.S. economic officials. The 59-year-old, white-haired Stoltenberg...
Whatever the differences in the Soviet and Chinese approaches to reform, both Moscow and Beijing are determined to pin a Marxist label on their economic experiments. Lenin's decision to revive the private sector during the New Economic Policy of the 1920s figures prominently in the new Soviet economics. Beijing ideologists invoke the theory that China is at a "primary level of socialism" to keep Marxist dogma intact. True reform is meant to provide more bread and steel for the masses, not merely bird whistles...