Word: spiralling
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Several months ago, farm prices were fixed at 110 per cent of parity, but the government planned to keep them below that level by selling at sub-parity prices important crops held as collateral for loans. Some such strategy was necessary, for rising farm prices mean an enormous inflationary spiral. Not only food prices would rise, but, since half of our farm produce goes into industrial raw materials, all other prices would go up too. The House Committee has refused to pass a Senate rider to the current appropriation permitting the Administration to sell 125,000,000 bushels of wheat...
...some way for the government to take up that money. Taxes play their part, and it will be an increasingly important part, but they are not enough. Unless the gap can be filled with voluntary borrowing, either compulsory loans will have to be initiated, or a vicious inflationary spiral will set in, with the government simply outbidding private consumers by printing more greenbacks. We have seen the disastrous effects of inflation too often in other countries to risk such an eventuality here...
Streams of stars, which extend in spiral arms from three-fourths of the other galaxies (comparable to our Milky Way), have hitherto been considered ejections flung from the galactic center (see cut). But no, quite the contrary, announced Harlow Shapley. The galactic tentacles are really condensations, and four-fifths of a spiral galaxy's light comes not from its arms but from the background material out of which the arms have curdled...
...general sales tax; even President Roosevelt, long its foe, said: "We may later be compelled to reconsider the temporary necessity of such measures." A sales tax is "painless," can be fabulously productive. But Senator Vandenberg is not the only man who thinks it would also set off a new spiral of wage demands, price increases, inflation...
What would happen to the pocketbooks of the country if Morgenthau didn't take the money out in taxes is good material for a major nightmare. What purchasing power the people could keep would be undermined by a wage-price spiral; small business would be wiped out by the sky-rocketing of wholesale prices; and Washington alone would have enough lucre to make even the smallest investment...