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Show Con A Country Go Bankrupt? ITtc Toot le Transcript, FrL, December 13, 1974 fHhjithmir Btirb - WESTERN FAMILY WESTERN FAMILY etMSKSM TOMATO NOOPlE ftiCfco JUD(&GL CAtAM WASHINGTON Can country go lunkrupt? The answer to that ijuoitioo tlqieikU on ulmt you nwto by bankrupt." A inctnlwrx ol the world economy, countries earn tumey hy exporting tlieir product etui spend money to Iniy imports, Hie relationship lietwren these two figure is called (Hit go and income the balance ul trade. Money also flow Into and out of a country In the form of private investment, loan, and government aid, including military expenditure. When this flow of nuioey U added to the balance of trade, the combined figure is called the balance of pavments. W HEN A country find that it mutt spend more for import than it i able to earn from it reports (or aid or investments), then it doe what you or 1 might do under similar circumstance; It Littow to cover the difference. The loans may come from private tenures, but they are more likely to come from other governments. If a country seems unable or unwilling to correct a chronic balance of payments deficit, eventually it will exhaust its international credit. At that point, the country could lie considered bankrupt. 4l3ox, o C (CCLy CUT '&bxv TOR-t- FRENCH WCSltRW CftMlLY IfeexN SPARE C ROAST ) ( GREEN SLICES RIBS CUT BOLOGNA 303 iu. eM3 612 EM. MONDAV mue.-- i MILL CLOSE AT LOUR ANNUAL CHRISTMAS PARTY. ' BRIDGE UtfSTERS WESTERN FAMILY However, unlike a I wink nipt Imsincss, a lianknijH country does not sell off its assets to pay its creditors. It devalues its currency. 'db&lIU hwI ggggflgz EANUT DEVALUATION MAXFIELDS JJjEGLflPES , I' VELVET asseRftiwr CHOCOLATES f CHOCOLATES 1 U WtN Z family, tIxTca1 CHRISTMAS CARPS SELECTION 20 SEAMS OFF IRA lUTIFULT -- .ISTMOS, western shores ,iSE SSFACIAL TISSUES Ul J.S .1 (I vj 1 eaeisttafl tBEEIISI .boxes! western family MMOLE TOMATOES priced FROM.. BROWNIES 'ofS)'poll FLOATS yitsfm (tAwhy GRAPEFRUIT 303 o 'wESfERH FftWiiy APPLE fOUlCEL A&ot. , Fillibviy FL0U3 tOlb. Bag WKM Capo... Coupon food only HUE Foodtown. Only I den per Coupon. Expire 121874. 25 ' m frit! 3. upon, tipires 12104 4. joj. 0 PSfCHSSlli jffispl I Al Maurer Have you ever known lung, lonely walks l'p stairways alone to dark rooms And a lonely Mas! think Iwd11 To maslie sleep, ... or lemeinber But, surely to lie sad. have. Oli, Cod I have. 1 Outside I see neon (Heminds me of your eyes Though not as bright) And the night people (I know them by their clothes) I close the diapes and wait For whatever come first, A midnight walk Or you in my dieams. InTlieSumniorOfOur Lives by Al Maurer In the summer of our lives We will go marching over the lulls and down. Touching the sky, touching us. True. . have not told you all that I am But, the summer just tells one part of every year. . I Christman Star by Nw Willi Walker For peace on earth. And may the season bring To all of you your dearest hopes fulfilled With peace and plenty in the coming year. ' LANGUAGE of The decline our language is not the product of a few groups of people, but it is, in fact, a most striking sympton of the progressive decline of our society in which movies exalt sadism, books celebrate violence, and the government attempts to govern by lies. The same thing happened in the last two centuries of the Roman' Empire. The Latin language became debased when the Romans began to lose every sense of moral values. Language is more than an expressive means: it is the most sensitive thermometer of the ethical temperature of a people. Now just what will my position asked the brother-in-labe? Important, I hope. the conYes, it is important, Im giving gressman answered. you a public relations job, but dont make it public that you and I are relations! Funny Funny World . . In your anus, I am only a man With needs and wants of all men. exports become cheaper for other countries to buy. Conversely, imports become more expensive for citizens of the devaluing country. is to The effect obviously boost exports and reduce imports, to get the country back into a position of living within its income. What happens inside the bankrupt country? First, the citizens have to get along with fewer imports, because they now cost more to buy. Second, more of the countrys productive resources are channeled into making exports. The shift of resources to export markets is likely to create shortages on the domestic market which, in turn, will tend to raise domestic prices. BANKRUPT is too strong a term to use for an economy as strong as that of the U.S. But we have devalued our currency, and we have experienced the two effects Ive mentioned: Imports cost more now, and our exports are more attractive to foreigners, who buy more from us, which leaves less for us, which raises prices here. Food is an excellent example. How are we doing now? Our balance of trade shoed a slight surplus in October. However, it did not do so well for most of the rest of the year. For the first 10 months of 1974, we spent $2.3 billion more for foreign goods than we earned on our exports. The larger figure has the balance of payments registered a deficit through September (latest figures available) although it is improving. That is, we are not going in the hole as fast as we were earlier in the year. The source of our problem is not hard to spot: Oil imports cost us $20.1 billion in the first 10 months of this year, compared to $7.8 billion for all of 1973. Thats why President Ford wants us to cut down on our use of petroleum products. Its also why we must develop the fuel resources we have within the U.S. Otherwise, we will face continuing devaluation of the dollar, with resulting higher prices for nearly everything. Our balance of trade problems are small in comparison to those of countries with smaller economies and greater dependence on Arab oil, however. Italy, for example, is currently being carried by emergency loans from other Western nations. No one knows how long that can continue, and no one dares stop, since the collapse of one major Western economy could trigger a chain of related disasters. 'caoeoiATt Another Ixmety Night by That THE OIL PROBLEM lSJXE. TASTY ly Remelda Nielsen Gibaon The star that beamed upon the village inn To guide the Magi on that faroff night Is shining still, a symliol of our hope Is, its money becomes worth less in terms of the money of the other countries. After dcvalution, a countrys REG. OR HOT C dried Beats Hit Pltdgt In Every Star Alice Mackenzie Swain His promise lives in every child. His pledge in star. eveiy Oh, may we, like the wise men Who traveled from afar, Bring gifts of talent, love and time So that a bruised world may Find peace and hope as glad bells chime Goodwill this Christmas Day. it A California Crace Shattuck Bail Our amber leaves are precious gifts, like Magis gold; Civen with frankincence and myrrh that night of old. . The mountain peaks wear ermine snoods of brilliant snow Above die ponderosa pines in a marching row. Glftoy We watch an orange moon and one bright star appear; The voice of day is hushed; nights cradle song is near. So now our golden hill becomes a dazzling sight; In silver and in diamonds gowned for this Christmas night. A Christmas Bells by Albert Dredla Ring the bells of Christmas and remember days gone by. Share again and bless the friendships as angels sing on high. Ring the bells of Christmas. Sing carols clear and strong. Forget misunderstandings and hear the angels song. Ring the bells of Christmas with hope and joy and cheer. Spread goodwill and love of country this Christmas and all year. The Great Phenomenon by Remelda Nielsen Gibson Upon Christs birth, a star appeared With brighter beams than all the rest! It guided wise men, as they neared d The worlds Celestial Guest. well-love- Upon Christs birth, a star Was splendor-winge- like fire! d, Anthems from realms afar Pealed from an angels choir Upon Christs birth, Shepherds extoled The One of Worth. . . And offered gold. Upon A time, life geared The great phenomenon! Upon Christs birth, a star appeared. Christmas Greetings Alberta Dredla Take every holiday moment. . . Hold it close and keep it near. Make every gleam of candlelight Shine on into next year. I |