Word: runaways
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...Many developing nations, for example, want to "index" raw materials prices to the trend of world prices for all kinds of goods as a method of transferring wealth from rich countries to poor lands. The U.S. and most other industrial nations fear that indexing would touch off a permanent runaway inflation that would hurt the whole world. For that matter, there is not even agreement within the Administration on how conciliatory U.S. policy should be. Kissinger has had little support from economic planners at the Treasury for his overtures to the producing nations...
Among the personalities lately subjected to runaway inflation, none is more pathetic than Judy Garland. Along the parabola that describes her career, Garland made 37 films. Only a handful are memorable and only one, The Wizard of Oz, is a classic. But she gave more than 100 concerts and broadcasts that brought millions of listeners in on her waif length. Eventually her performances also exhibited-as at a sideshow-a manic-depressive grotesque who shrilled off-key and forgot once familiar lyrics. In the last years she attracted throngs of gay and melancholy Garland freaks whose adulation was a form...
...zany mixture of razzle-dazzle football, playground basketball and soccer, Ultimate Frisbee has sprouted on campuses in the East in the past few years and is spreading westward. It could prove to be just the solution for colleges crippled by the runaway cost of athletics -as well as for students who want to play a team sport that avoids high-pressure, must-win contests...
...members, the total U.S. investment in Nguyen Van Thieu's crumbling nation still amounts to a paltry $25 million-or about the cost of half a day of the war at its height. Skeptical of Thieu's ability to govern and frightened by the country's runaway inflation, U.S. multinational corporations have never been willing to risk large amounts of capital in Viet Nam-even though the Saigon government set up the Industrial Development Bank to solicit foreign investment and announced grandiose plans to erect industrial parks, hotels with convention centers and even a Vietnamese Disneyland...
Nozick's book comes at a crucial time. America's welfare warfare state mixed economy is failing. No economy can long withstand rapidly alternating runaway inflation and depression, let alone both together. With the present situation intolerable, a consensus is developing that change in needed. But there is no consensus on what we should be changing...