Word: programing
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Dates: during 1980-1980
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Foreign money markets and finance ministries will be closely watching the development of the new Carter anti-inflation program. Although the dollar has remained strong on exchange markets during the past few weeks, a weak policy from Washington could set off another run on the dollar. Former West German Central Bank President Otmar Emminger urged the President to adopt an "emergency package." Said he: "Gradualism is not the answer when you have such a deeply embedded inflationary psychology." But officials abroad remain skeptical. Concluded a top official in the West German Economics Ministry: "They know what they have...
...demands from all quarters to do something-do anything-about inflation show the deep American concern about this malignant problem. President Carter's attempts to slip the blame off onto Congress for failing to adopt his energy program fast enough or onto OPEC for raising prices are not being accepted. Only 2.2% of last year's 13.3% inflation was caused by OPEC price increases. West Germany has faced the same OPEC problems, and imports more of its oil than does the U.S. Yet 1979 inflation in that country was 5.5%. Says former Federal Reserve Chairman Arthur Burns...
Carter's herculean task in drafting and then selling another anti-inflation program is to propose measures sufficiently tight that they will break the inflationary psychology. He must prove to the U.S. public that sharply rising prices have not become a permanent part of the American way of life. If the President fails, the consequences would be serious, both politically and economically. Says former Carter Economic Adviser Nordhaus: "If this keeps up, we're going to be living in a world of 10% or 11% inflation indefinitely." In fact, if present trends continue, inflation at those levels could...
...policy of the TV programs is not to persuade anybody," says Friedman, but to "make people think in a different way." The shows nonetheless provide the economist with an electronic platform where he can expound his beliefs in less government regulation and controlling the money supply as the key to halting inflation. Each program consists of half an hour of economics-cww-travelogue, followed by another half-hour discussion among Friedman, adversaries like Socialist Michael Harrington or National Highway Traffic Safety Administrator Joan Claybrook and supporters like U.C.L.A. Economist Thomas Sowell...
About 107,000 copies of the book have been sold so far, and after four weeks on the New York Times nonfiction bestseller list, it is now in second place. The TV program has also spawned a 16-mm film of the series at $6,200 and video cassettes at $4,800 for the economics student who might wish to see an instant replay of the causes for the Great Depression. There are also 15 video-taped lectures called "Milton Friedman Speaks" available at $500 a show or $7,000 for the lot. With the expected profits, Friedman should...