Word: spiraling
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Dates: during 1940-1949
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...representative banks, A.B.A. had found that borrowers were becoming slower in their payments, working capital was being absorbed by rising inventories, and demand for loans was dropping. The bankers concluded that the U.S. "may be at an economic crossroads. A turn one way can mean a continued inflationary spiral, a turn the other way can bring a recession...
Roughly, the theory goes like this: regardless of issues and men, ever since the Revolution a pendulum has swung back and fourth, carrying the American people now into a liberal era, now into a conservative era; it is, to change the metaphor, a spiral movement going from a "period of change" into a "period of stabilization" and on into a new period of change, and so on; and--note this--each of these periods lasts, with one or two exceptions, from 12 to 16 years. Now I'm not saying that Schlesinger would feel he had to get up there...
...there is one point that might bother him a little. And this is the fact that the spiral had already begun to twist into a conservative period in 1946, according to several of his own standards for determining such things; so now it has either doubled back or jumped way up ahead, depending on how you want to look at it. And no matter how you look at it, to change the metaphor back again, pendulums don't change their minds...
...regime. Economic pressure forced the government at week's end to give up its price-control program as a failure, unfreeze price and wage ceilings. Overnight Shanghai prices increased four to five times. The new gold yuan (TIME, Aug. 30) had started on the same giddy spiral as the old Chinese national dollar...
...pacesetter in the new whirl of the inflationary spiral was a 9% wage hike by U.S. Steel Corp. (see NATIONAL AFFAIRS). Big Steel's Ben Fairless promptly announced that steel prices would have to go up also. Bethlehem Steel Corp.'s Eugene Grace and most of the industry followed Big Steel's lead on wages, and began figuring price increases, too. In addition to the wage increase, the new prices would also have to cover higher coal prices (which added up to $1.25 a ton to the cost of finished steel) and a freight rate increase which...