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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 13, 1974, Lethbridge, Alberta February UETH0RIDQE HERALD Runaway inflation forecast strikes sensitive nerve What a difference a beard makes The Skylab 3 astronauts are shown in the top their return. Left to right, top and bottom: Dr. Edward photos before they took off on their 84-day mission G. Gibson, science pilot; Lt. Col. Gerald P. Carr, flight and in the bottom photos they are shown following commander and Lt. Col. William R. Pogue, pilot. Government in exile expected CAIRO (AP) The Palestinian guerrillas are expected to form an exile government in the next few weeks to speak for their cause at the Geneva peace talks. Interviews with Palestinians from Egypt, Lebanon and the occupied west bank of Jordan suggested a changing mood and increased willingness to scale down their goals and aim for a negotiated Palestinian solution at the conference table. "In the present world circumstances, the goal of total liberation is said a source in Al Fatah, the largest Palestinian guerrilla group. "It would be better to concentrate on achieving the legitimate rights of the Palestinians and Israeli withdrawal from the west bank of the Jordan River and the Gaza strip." LONDON (CP) A comment by the head of the Organization for Economic Co-operation and Devel- opment that last year's 10-per-cent inflation rate in most of the industrial world may soon move "into the teens" has struck a sensitive nerve throughout Europe. Concern has been mounting among governments, particu- larly in Britain, that price in- creases for domestic goods and imported materials have been slipping out of their control. While nobody is yet prepared to accept that a condition of hyperinflation, or runaway prices, is imminent, theoreticians and commentators are devoting increasing attention to the subject. In London, the Sunday Tele- graph recently recalled the words of an elderly United States woman during the eco- nomic crisis that followed the American Civil War. "We used to go to the stores with money in our pockets and come back with food in our she wrote to a friend. "Now we go with money in our baskets and return with food in our pockets. Everything is scarce except money." The Economist warns that Britain's inflation rate this year will be between 13 and 20 per cent and adds that no country with a rate of inflation of more than 20 per cent "has been .or has remained a democracy." Britain, says the influential weekly, is entering the danger zone. SEE FEW PARALLELS Most observers agree it is too early to foresee precisely the effects on international supply and demand of vastly Sears Clearance Starts Tomorrow a.m. Limited Quantities Discontinued and Imperfect Sheets Twin fitted or flat Double fitted or flat Queen fitted or flat Pillowcases ea. ea. ea. pr- 399 499 599 2 Virgin Wool Blanket Reg. 18.98 12 Flannelette Sheets Reg. 3.98 Imperfect Bath Towels Each Polyester Fill Pillows Reg. 5.99 Machine washable. Re- sists shedding or piling. Blue only. Bazaar Blanket Reg. 10.98 size. Made of 90% cotton, 10% polyester, mothproof. Upright Clothes Hamper Reg. 27.98 Slight imperfections wtfl not affect their wear. Assorted colors NHL Sheets and Pillowcases for Standard size pillows in colors of gold. pink. blue. Luxura Bath Carpet 6 99 22 sire fits twin or double size Washable and color fast. Padded lid and wooden frame. 19x11x26" high approx Sheets Reg. 3.99 Pillowcases Reg. 1.99 ea. ea. 3 1 Reg 2198 18" 27" Sheets are twin bed size. Simpsons-Sears Ltd Reg 3198 S'xS Reg 4196 Durable polyester nylor blend Machine wash and at Simpsons-Sears you gel the finest guarantee satisfaction or money refunded and free delivery Store Hours: Open Daily a.m. to p.m. Thursday and Friday a.m. to p.m. Centre Village Mall. Telephone 328-9231 increased prices for oil and other basic commodities. But European economists say there is increasing danger of runaway inflation on a worldwide scale, a situation with few, if any, Historical parallels. The most relevant examples of hyperinflation in this century were in the German Weimar Republic after the First World War and in Brazil in the early 1960s. The causes were different from those currently operating but the phenomenon itself was similar. In Germany, the inflationary spiral was started by the postwar government creating vast sums of money arbitrarily in the hope of making funds available for investment and resumed production and to pay reparations to its wartime enemies. By 1919, prices were rising by 50 per cent a year and worse was to come. Still, it seemed a small price to pay for business recovery. Industrialists were able to live with it, paying less for the materials they bought and re- ceiving more for everything they sold. The workers had full employment and wages moved up behind prices. The government continued printing an excess of marks, but by 1921 inflation was mak- ing it more and more difficult to balance the budget by raising taxes, since these inevitably lagged behind expenditures. CHURNED OUT MORE So Weimar officials, unwilling to raise taxes further to pay reparations and unable to borrow abroad because of the country's low credit rating, simply stepped up the outpouring of money. In the hyperinflation that followed, 'prices went up every week, then every day every hour. Four marks had been worth in 1918 but by Nov. 30, 1923, it took 4.2 trillion marks to buy a greenback. By that time, the weekly wage of a skilled worker could buy only 100 pounds of potatoes, and pay for 20 hours work bought a pound of margarine. Savings were wiped out overnight. The inflation was brought under control in 1924 when the mark received gold support from a huge United States loan. The reparations burden was eased, foreign investment flowed into Germany, unemployment was allowed to increase and heavy taxes' curbed demand. But the price was the impoverishment of the lower- middle classes, leaving them embittered and a receptive audience for an obscure politician, Adolf Hitler. Economists insist that the main lesson' to be learned from these examples is that hyperinflation does not respond to traditional remedial measures but can be avoided if governments act soon enough and in ways that do not cripple their trading partners, ideally through co- ordinated, moderate deflationary policies. They also tend to agree that a worldwide recession perhaps only a relatively mild one will follow naturally .from a downturn in world trade this year. This would have the effect of restraining demand pressures and easing the inflationary push. Sears Girls' knit tops and pants The Tops: Top quality turtleneck and crew neck styles in assorted colors All comfortable stretch nylon knits CSSt8-14 The Pants: Jacquard pattern denim knits of nylon-acrylic. Made by a well-Known maker Assorted colors Machine- washable. CSSt 7-14 tCanada Standard Sizes Girls Department alSimpscTO-Searsyou gel The 1 mesl guarantee store Hours Open Owiy 930 a m to 5 30 p m. MUSfwNon OT inonvy refunded Thursday FrXJty 9 30 a m to 940 p m and Iree delivery Oemre Vfliage 328-9231 ;