Word: cashing
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Dates: during 1980-1980
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Raising taxes and cutting the budget bring with them high costs in the domestic economy. There is little cash to raise in most underdeveloped economies and cutting the budget means laying off government workers and removing some of the few people in the economy with regular sources of income. The strategy often leads nations like Turkey to take actions which appear, in traditional economic terms, to be suicidal. In January 1980, Turkey promised to cut its budget by $2.2 billion, despite the fact that its industry at the time was running at 40 per cent of capacity...
...austerity policy effectively conserves what little cash there is in a nation to pay interest on the debt. But it makes growth for a poor nation difficult, any prospect of a better life for its citizens impossible, and makes the possibility that the loans themselves will be eventually paid back more unlikely than ever...
...serious is the IMF policy of forcing nations dependent on it to cut economic subsidies of staples. After the sharp rise in commodity prices of the '70s, many nations began artificially holding down the prices of goods like food and fuel. These subsidies take up much of the free cash of a nation, and eliminating them is an easy way to raise money. However, the strategy ignores the human cost in such a move. Without the subsidies, or some other help, the poorest citizens will freeze or starve...
Florida's well-established Cuban residents pitched in to help their own kin. The Cuban Patriotic Junta, a coalition of exile groups, began handing out $40 in cash to each newcomer. Miami-area Cuban Americans donated an astonishing 40 tons of clothing (about 30% of the Miami area's population is Cuban). Beyond that, boasted Silvia Unzueta, a relief coordinator at Tamiami Park, "We have enough Pampers for every child in the world...
...closed in New York last week at $511. For decades the Atchison, Topeka & Santa Fe Railway, the largest remaining ingot bond issuer, dutifully made 2% semiannual interest payments in gold coin. But in 1933, Congress struck the gold clause and restricted the bonds' interest and principal payments to cash...