Word: hike
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This tactic, too, has backfired. Egypt ended its subsidies of key staples in 1977 under IMF orders. Within days riots erupted. Desperate people took to the streets and forced the government to turn back the moves. In Peru, an IMF-ordered 20-per-cent hike in gasoline costs on January 3, 1979, led to a general strike and an attendant repressive response. Hundreds were arrested for leading the strike; seven magazines were closed down; police were ordered to shoot troublemakers on sight; the Constitution was suspended...
...there is a villain in this story," said Postmaster General William F. Bolger last week, "the villain is inflation." But the victim of the tale that he told was the public. Starting next February, Americans are likely to be socked with a huge hike in postal rates, a proposed overall average of 28%. Pending approval by the independent Postal Rate Commission, the cost of a first-class stamp, 15? now, would go to 20?. Since 1952, when a letter could be mailed for 3?, the increase has totaled 567%, more than twice the increase in the cost of living...
...continue to swell the fund. While most Americans complain bitterly every time OPEC members raise prices, Alaskans have reason to applaud. With the price of domestic oil now decontrolled, Alaskan crude can rise to the world level; thus the state's royalties will grow with each foreign price hike...
Long simmering anger against the Tolbert regime erupted a year ago when the government proposed a hike in the price of rice from $22 to $30 for a 100-lb. bag. (The average Liberian earns $80 a month.) In Monrovia, 2,000 people gathered in protest. A student-led group of some of the demonstrators headed toward Tolbert's executive mansion. The President overreacted, ordering police and soldiers to shoot into the crowd. Forty people were killed and hundreds injured, which set off riots and looting...
Following last year's 125% hike in the cost of crude oil, the OPEC cartel is now moving on a new tack in its offensive to win control over the world petroleum market. It is seeking to dominate global energy by reducing production in order to keep prices artificially propped up and to diminish the power of the so-called Seven Sisters, the major oil companies like Exxon and Shell that controlled world oil for half a century. These actions could result in a tense escalation of global petropolitics...