Cedar Rapids Gazette, November 12, 1974, Page 3

Cedar Rapids Gazette

November 12, 1974

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Issue date: Tuesday, November 12, 1974

Pages available: 79

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Publication name: Cedar Rapids Gazette

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Cedar Rapids Gazette (Newspaper) - November 12, 1974, Cedar Rapids, Iowa The Cedar Rapids Gazette: Tues.. Nov. 12, 1974 Shortages, Devaluation, Oil, Spending All Fueled Inflation By Sylvia Porter NEW YORK "If I had to populate an asylum with people certified insane, I'd just pick 'em from all those who claim to understand inflation." A smart-alecky crack from one of today's smart-alecky university economists? No. It was Will Rogers, America's beloved humorist, who in a much simpler age long ago, came; up with that almost incredibly up-to-the-minute observation. And I suppose that with Roger's warning By Oswald James Jacoby "I had to bid a groaned East. "I didn't, see anyone with a gun to your head ordering you to do replied West. We feel even stronger than West. The overcall made by East is the sort of bid that makes no difference most of the time. Occasionally, it turns out to be a winner once every j (D) i: 1094 A K .1 5 4-72 WEST EAST 7 a If A 8 2 V 1119 V QH643 9 6 5 A K 4 10986 2 SOUTH A A K Q J H V 72 Q.l 1083 Norlh-Soulh vulnerable West North 'ass 'ass 'ass 'ass Opening lead 10 East IV Pas.-. Pass PUS.S South U Pass seven years or so, but loses the rest of the time. East's overcall had proven terribly expensive. The heart bid told South not to try a heart finesse and also showed him how to go about the business of end-playing East. He went right up with the ace of hearts and ran off five trumps, while discarding a heart and diamond from dummy. Then he cashed all the clubs to come down to a three- card ending. Dummy held king-jack of hearts and a diamond; declarer queen-jack of diamonds and a heart. East had to hold two hearts and would have been end- played with a diamond except that East had tried to get out of his trouble by chucking both the ace and king of diamonds so South actually wound up with an overtrick. ringing in my ears, I should now subside. But I'm too serious a com- mentator on economists to default on even an attempt at explanations for this wretched era. So herewith first with the "simple" answers and then with the truly fundamental causes of today's nightmares of slumpflation. Shortages Crop disasters, bad weather, drouths the world over have clearly played an enormous part in sending food prices soaring in recent years. Nature itself has been against us in restricting the supply of vital foodstuffs. Shortages of other crucial raw materials also have developed. The Arab oil boycott, the quadrupling of oil prices in one year, the result- ing spiral in prices for all forms of energy are obvious forces. Devaluation The successive devaluations of the U. S. dollar to a point where our dollar sank in 1973 to among the world's most un- dervalued currencies expanded our exports but they also sharply boosted the costs of our imports and since the ex- ports included huge amounts of agricultural products and the imports raised prices of many goods essential to us, the devaluations hardly helped the U.S. consumer. At the same time, while crops and other raw materials have been restricted and prices of energy have been skyrocketing, there has been an explosion of demands for foodstuffs and all types of goods and services throughout the world. As our economic expansions in the post-World war II period were fed by massive U. S. government spending and easy credit, so expansions else- where were fed by similar spending and credit policies. Coincidence By extraordinary coin- cidence, the upturns ran into each other and into the limits of world resources in 1973. It Big George! The bidding has hi'on: 12 West North fcasl South 14 I'iiss 24 Pass Puss You. South, hold; 4 4 3 A Q7 4K .1 4 3 f! 5 4 What do you do now? If your partner v, ill realize that this double is lor takeout and must not be left in. You are bidding on cards you know your partner holds. TODAY'S (Jt'ESTlON Your partner bids three clubs and Eii.sl three spydes. U'hal uju dij now'.' Answer Tomorrow Oscar Streaker Gets Sentence For Encore LOS ANGELES (UPI) Robert Opi'l. who stnnnorl movie stars and an interna- tinnal television audience by (lashing nude across the stage during the Academy Award presentation, was sentenced to four months in jail lor appear- ing naked at a city council session. Opel was not arrested following the streaking of the Oscar ceremony last summer. However, he was taken into custody later when lie ap- peared at a council session debating laws against beach nudity. He strolled in the Iniff up to (he chid of police and asked "is this He was acquitted of indecent exposure but found guilty of disrupting a public meeting, lie refused "on principle" the judge's offer to cut his four month jail term to 20 days if he would see a psychiatrist. was beyond the capacity of in- dividual nations to produce enough to satisfy billions of new customers clamoring for the first time in history to move up the scale of living standards set'by the U. S. Beyond question, all these have been great factors. But most fundamental is the fact that we are finally reaping the economic whirlwind of decades nf reckless spending straining even our magnificent resources and technology. The excesses began with World war II and reached a first peril point in the creation of the Marshall Plan an unprecedented gesture of generosity and enlightened self-interest via which, in the 1050s, we poured tens of billions of dollars into the economic streams of our war devastated allies (and That spending alone turned our war-swollen balance of payments surpluses into an annual chain of balance of payments deficits. Johnson, Nixon They reached a second peril point in the mid-1960s, when President Johnson would not admit that Vietnam was a war and thus refused to insist on raising revenues sufficient to finance it. Our balance of payments plunged into an ocean of red ink. They reached a third peril point when President Nixon failed to stick to any anti- inflation programs and instead went on a wild inflation spree in 1972 to assure his re-elec- tion. And our excesses reached a fourth peril point when Water- gate overwhelmed the While House and paralyzed U. S. economic policy for the prolonged and critical period of mid-lfl73-1974. Of course there are many other explanations. To name just two more: Many prices have been increased in re- sponse to costly anti-pollution steps; we are suffering too from price-fixing and price- raising rigidities built into our economic structure by now ob- Virgil Partch Sylvia Porter "How about THAT? I've knocked off ten When it's time to remember, flowers belong. VISIT YOUR PROFESSIONAL FLORIST AHD ESTABLISH A CONVENIENT CHARGE ACCOUNT BLAIR'SFter Marion NOVB1NY Flowers. R.R. I, Cedar Rapids. 365-1757 TOMAN florist Gill Shop, 615 Center Point Rd. NE. 364-8139 PURSUITS Flower Shop Greenhouse, 1809 [His Blvd. 366-1826 IEWEUF.N Florist, 121 Town Country Shopping Center, 364-2146 KRF.BS Florisl, 242418th St. SW, Cedar Rapids. 363-2081 CEDAR MEMORIAL Flower Shop. 4200 ist Ave. NF. 393-8000 BEZDEK'S Florists, 349 Marion Bird.. Marion, 4 SEASONS Florist, 3028 Mt. Vernon fid. SF. 363-5885 NEWPORT'S Greenhouse Flower Shop, 2125 Wilson SW. 363-8125 PECK'S Green Thumb. 5008 Center Pt. Rd. NE, 393-5565 Wlliy'S Floral Design, 3501-lst Aie. SE, 363-2675 For Better Health Retarded Children Need Physical Activities Also solele depression-oriented policies. There can be no quick and easy answers not with this background. Economics as complex as ours cannot be turned on a dime, and in defense of President Ford, he inherited a terrible economic legacy when he took over from Nixon in August. To remind you: The inflation rate was at 12 percent, double the rate when Nixon X'ame in; the pri'me rate that banks charge- to their lop customers was also at 12 percent against 7 percent in 1969; the federal budget was at billion, nearly two-thirds larger than spending in the year ending .June 1969. And we were already into a recession, the second that will be forever tagged to Nixon's aborted tenure. By Dr. S. L. Andelman "I'm concerned about our neighbor a reader writes. "She is retarded and gets very little exercise. Should I encourage her to be more Our reader would be doing her young neighbor a real service by getting her involved in some physical activity. In fact, (he American Academy of Pediatrics recently issued 'this statement: "Every retarded child needs a continuing program of physical maintenance with regular exercising and supervised athletic activities." The academy points out that "there is a tendency for parents and children in most communities to excjude the mentally retarded child so he completely lacks the type of exercise and personal experience he needs." Unfit As a result, mentally retarded children are frequently unfit, have poor co-ordination and are obese. Their emotional and intellectual development also suffer as a result of inactiv- ity, and all these problems are compounded as the child grows older. Here are some guidelines to keep in mind when planning activities for a mentally retarded child: Games are more fun than simple exercise. Simplify the rules so the retarded child can understand them and in- volve other retarded children if possible this may enhance a youngster's self-esteem and develop a group identity. Individual sports are usually more successful than team Gross Skills Stress activities that require gross rather than motor skills. Change games so most of (he children are interacting most of the time. Stress competition. U is often highly motivating and may be a means of promoting special .satisfaction and devel- oping muscles and co-ordination. Croup the mentally retarded child with children of the same developmental level, not of the same chronological age. Dr. Andelman welcomes letters outlining problems he may discuss In luture columns. He regrets, however, he cannot personally answer mall. Write to him in care ol The Gazette. Richardson Hits Confidence Lack INDIANAPOLIS (UPI) Elliott Richardson, who resigned as attorney general last year rather than fire Special Watergate Prosecutor Archibald Cox, says a lack of public confidence in govern- ment is a "prescription for tragedy." "Many of our problems, including the problems of the economy, arc problems of con- he said. "Confidence is a fragile structure, easily damaged and not easily restored. "The danger we face now is (he danger that altogether too many people have come to the conclusion (hat all politicians are crooks and you can't believe anyone who holds public he told the economic club of Indianapolis. "That, of course, is a prescription for tragedy." ON THIS DATE in 1937, the Japanese captured and oc- cupied the Chinese city of Shanghai. personalized with your own initial. just for letting one of our closer to you bankers show you how your next installment loan can cost you less with a NEW Peoples' Loan Ji lisftl Peoples' Interest-Saver is different from other install- ment loans you only pay interest for the exact number of days you borrow the money. A handsome 18-karat, gold-plated car key and key ring is yours ABSOLUTELY FREE when you'come into Peoples and let a Closer to You Banker tell you how you can save when you borrow money for automobiles, appliances or other personal needs. We'll custom cut the key to fit your car ignition. Why pay mosre somewhere else? [copies AND TRUST COMPANY Peoples Downtown Peoples Cast at Town and Country Peoples Wost at Mays Dly Pooploi m Nowh.ill Momlwr FDIC ;

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