Word: hike
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Britain. January 1972. Prime Minister Edward Heath declares that he will not give in to a 25% wage hike demanded by British coal miners because it is far beyond his 8% national wage guidelines. The miners strike for seven weeks, causing power blackouts, layoffs of tens of thousands of other workers and widespread industrial chaos. Finally, Heath appoints a special commission to arbitrate the miners' demands. The commission recommends a 21% wage increase. Both sides accept. The crisis is settled...
...further action on reform until July, they left in effect the ad hoc system of "floating" exchange rates that has existed since the last big monetary crisis a year ago. If they had agreed at Nairobi to fix rigid exchange rates, the pressures generated by the oil price hike in late 1973 could well have led to huge devaluations and other dislocations and paralyzed the monetary system. As Paul McCracken, former chief economic adviser to President Nixon, says: "It would have been a disaster. Whatever they had agreed on would not have survived the events of the last few weeks...
...bill had even reached committee consideration in Congress at the time Nixon acted. Nor did it report that Nixon's fund raisers received $10,000 from the milkmen the day before he met with them on March 23, 1971, another $25,000 the day after - and that the hike in price supports was announced the next...
...milk officials does not seem conclusive. Sophisticated lobbyists rarely couple a donation openly with a requested favor; the money is expected to speak for itself. Yet even this contention by Nixon was challenged last week by attorneys for Ralph Nader, who is suing the Administration for basing the support hike on political grounds. The attorneys filed a brief in a Washington federal court quoting from a subpoenaed tape of Nixon's March 23 meeting, contending that it showed that the President may have been obliquely acknowledging the donation when he told the milkmen: "I must...
Breaking Point. The powerful Trades Union Congress last week offered to make assurances that if a "special case" settlement were worked out with the miners, other unions would not use it to hike their own demands. Reversing a previous rejection, Heath met with the union leaders for two hours. "Our proposal was received with interest," reported the T.U.C.'s Sir Sidney Greene. But aides said that Heath was doubtful the unions could be kept in line, making such an agreement unlikely...