Volcker Says High Rates Likely Without Inflation Fix
Paul Volcker told the Senate Banking Committee that Americans face unavoidable high interest rates unless inflation is controlled. He stressed independence for the Fed and pledged to set monetary policy even if it opposes administration views. Volcker, 51, was nominated to head the Federal Reserve to succeed G William Miller, who leaves to join the Treasury after 16 months.
MENTIONED IN THIS ARTICLE
Washington
UPI
Paul Volcker
Carter
Federal Reserve Board
Banking Committee
Federal Reserve System
Volcker
G. William Miller
Federal Reserve
Miller
Treasury
Michael Blumenthal
Duncan gets Senate Energy Committee nod for energy secretary
The Senate Energy Committee votes 16 to 0 to approve Charles Duncan for President Carter’s energy secretary post. Duncan pledges direct access to the president and control over policy, awaiting full Senate approval. He backs continued nuclear role but defers final judgment on TMI due to the presidential commission. He supports tough energy conservation measures.
MENTIONED IN THIS ARTICLE
Washington
Senate Energy Committee
Charles Duncan
Carter
Duncan
White House
Senate
James Schlesinger
Coca-Cola Co
Three Mile Island
Pennsylvania
Basque separatists escalate attack wave in Spain
In Madrid and Basque provinces escalations by ETA left nine dead and more than 100 injured in weekend bombings at two Madrid stations and Madrid airport. Police indicated warnings preceded blasts but evacuations fell short. Gunmen killed two policemen in Bilbao and near San Sebastian, with additional injuries in Pamplona.
MENTIONED IN THIS ARTICLE
Madrid
Spain
Bilbao
San Sebastian
Pamplona
ETA
Euskadi Ta
Ence
Oil shortage ends for now say Wall Street Journal
The Wall Street Journal reports the oil shortage is over for now due to higher production and lower consumption. Experts caution improved conditions could boost demand and slow long term energy measures, risking renewed shortages.
MENTIONED IN THIS ARTICLE
New York
The
Wall Street Journal
Jumper Roller Coaster Crash Injures 12 in West Point Park
Police say human error caused the The Jumper roller coaster to derail at West Point Park in Upper Gwynedd Township. Twelve Philadelphia area children were injured, seven still hospitalized, after a ride attendant released the brake instead of applying it as the coaster approached its final turn.
MENTIONED IN THIS ARTICLE
West Point
Montgomery
Philadelphia
West Point Park
Upper Gwynedd
Airlines agree on big fare hikes to cover fuel costs
In Geneva the worlds major airlines reach a unanimous accord on passenger and cargo fare increases of nine to 15 percent effective September 1. Details on sub-accounts and North Atlantic routes will be released later this week.
MENTIONED IN THIS ARTICLE
Geneva
Switzerland
Inmates End 11 Hour Siege at Walpole Prison
At Walpole State Prison the 11 hour siege ended when five hostages including Warden Fred Butterworth were released. Eight to ten inmates took part with one guard treated for facial cuts. Authorities agreed not to press criminal charges, focusing on confinement conditions and weekly visits.
MENTIONED IN THIS ARTICLE
Walpole
Mass
Walpole State Prison
Fred Butterworth
Wallace Billings
Max Stern
Iraqi purge under way in Baghdad amid arrests
Report from Beirut states five top Iraqi government figures arrested for plotting to oust President Saddam Hussein. Unconfirmed press reports claim about 250 jailed and 34 executed, with Egypt named as the foreign power behind the plot.
MENTIONED IN THIS ARTICLE
Beirut
Lebanon
Iraq
Saddam Hussein
Kuwait
Egypt
Morley Quote on Silence Not Converting Minds
British statesman John Morley warned that silencing a person does not convert them. The remark underscores the belief that true influence requires argument and open discussion rather than suppression.
MENTIONED IN THIS ARTICLE
John Morley
Israel Agrees to Talks on Sinai Peacekeeping
Israel accepts a U S invitation to talks in Washington with Egypt to address the Sinai peacekeeping dispute. Egypt considers the invitation and wants topics clarified. Foreign Minister Moshe Dayan will represent Israel as the Cabinet rejects replacing the U N Emergency Force with a smaller unarmed unit.
MENTIONED IN THIS ARTICLE
U.N
Sinai
U.N. Truce Supervision Organization
Also Mentioned on This Page
Lafayette Park
Atocha
Prado
Hussein
Soviet Union
Baath Socialist Party
Hassan el-Bakr
Revolutionary Command Council
New Delhi
India
United News of India
Tuticorin
Corrections
Larry Parnell
Donald Forsyth
1St Ave
Thomas Carpentry
Tulf
Hote Dinol
6Th Ave
2Nd St
Penick & Ford
Israel
University of Iowa
Iowa City
Iowa
East Hall
Sheraton
Plaza
Penthouse Terrace
Tiff's
Bentleys
East Huron
North Michigan
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