( S ( NP-SBJ ( NP ( DT The ) ( JJ 57-year-old ) ( NNP Mr. ) ( NNP Gressette ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD was ) ( ADVP ( RB also ) ) ( VP ( VBN elected ) ( S ( NP-PRD ( NP ( NP ( NN chairman ) ) ) ( CC and ) ( NP ( NP ( NN chief ) ( NN executive ) ) ) ( PP-3 ( IN of ) ( NP ( DT all ) ( NNP Scana ) ( NNS subsidiaries ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ succeeds ) ( NP ( NNP John ) ( NNP A. ) ( NNP Warren ) ) ) )

The 57-year-old Mr. Gressette who was also elected chairman and chief executive of all Scana subsidiaries succeeds John A. Warren


( S ( NP-SBJ ( NNP Mr. ) ( NNP Warren ) ) ( VP ( MD will ) ( VP ( VB remain ) ( PP-LOC-PRD ( IN on ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN board ) ) ) ) ) )

Mr. Warren will remain on the company 's board


( S ( NP-SBJ-1 ( NP ( NNP Australia ) ( POS 's ) ) ( NN inflation ) ) ( VP ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB rise ) ( ADJP ( ADJP ( RB as ) ( JJ high ) ) ( PP ( IN as ) ( NP ( CD 8.3 ) ( NN % ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN quarter ) ) ( VP ( VBG ending ) ( NP-TMP ( NNP March ) ( CD 30 ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( MD could ) ( VP ( VB fall ) ( PP-DIR ( TO to ) ( NP ( QP ( IN around ) ( CD 7 ) ) ( NN % ) ) ) ( PP-TMP ( IN by ) ( NP ( NNP June ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNS economists ) ) ) ) ) )

Australia 's inflation is expected to rise as high as 8.3 % in the quarter ending March 30 but could fall to around 7 % by June according to economists


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN consumer ) ( NN price ) ( NN index ) ) ( VP ( VP ( VBD rose ) ( NP-EXT-1 ( CD 2.3 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN quarter ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( PP-DIR-2 ( IN from ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN quarter ) ) ) ) ( CC and ) ( VP ( NP-EXT=1 ( CD 8 ) ( NN % ) ) ( PP-DIR=2 ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) ) ) ) ) )

The government said the consumer price index rose 2.3 % in the quarter ended Sept. 30 from the previous quarter and 8 % from a year ago


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ sorry ) ( S ( VP ( TO to ) ( VP ( VB see ) ( NP ( NP ( NP ( NNP Nigel ) ( NNP Lawson ) ( POS 's ) ) ( NN departure ) ) ( PP ( IN from ) ( NP ( DT the ) ( JJ British ) ( NN government ) ) ) ) ) ) ) ) ) )

We 're sorry to see Nigel Lawson 's departure from the British government


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN politician ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN courage ) ) ( PP ( IN of ) ( NP ( JJ true ) ( NN conviction ) ) ) ) ) ) ( PP ( IN as ) ( PP ( IN in ) ( S-NOM ( VP ( VP ( ADVP-MNR ( RB summarily ) ) ( VBG sacking ) ( NP ( NN exchange ) ( NNS controls ) ) ) ( CC and ) ( VP ( PP ( IN in ) ( ADJP ( JJ particular ) ) ) ( VBG slashing ) ( NP ( NP ( DT the ) ( JJ top ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN income ) ( NN taxation ) ) ) ) ( PP-CLR ( TO to ) ( NP ( CD 40 ) ( NN % ) ) ) ) ) ) ) ) ) )

He is a politician with the courage of true conviction as in summarily sacking exchange controls and in particular slashing the top rate of income taxation to 40 %


( S ( CC But ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN end ) ) ) ( NP-SBJ ( NP ( PRP$ his ) ( NN resignation ) ) ( PP ( IN as ) ( NP ( NP ( NNP Chancellor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Exchequer ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ good ) ( NN thing ) ) ( SBAR-ADV ( ADVP ( RB especially ) ) ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ works ) ( SBAR-MNR ( IN as ) ( S ( NP-SBJ ( PRP he ) ) ( ADVP ( DT no ) ( NN doubt ) ) ( VP ( VBZ intends ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG forcing ) ( S ( NP-SBJ ( NP ( NNP Prime ) ( NNP Minister ) ( NNP Thatcher ) ) ( CC and ) ( NP ( NP ( PRP$ her ) ( NNS counterparts ) ) ( ADVP-LOC ( RB elsewhere ) ) ) ) ( VP ( TO to ) ( VP ( VB confront ) ( NP ( NP ( DT the ) ( JJ genuine ) ( JJ intellectual ) ( NNS issues ) ) ( ADJP ( VBN involved ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But in the end his resignation as Chancellor of the Exchequer may be a good thing especially if it works as he no doubt intends by forcing Prime Minister Thatcher and her counterparts elsewhere to confront the genuine intellectual issues involved


( S-1 ( NP-SBJ ( DT The ) ( JJ early ) ( NNS omens ) ) ( PRN ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP admit ) ) ) ) ( VP ( ADVP-MNR ( RB scarcely ) ) ( VBP suggest ) ( NP ( ADJP ( RB so ) ( JJ wholesome ) ) ( DT an ) ( NN outcome ) ) ) )

The early omens we admit scarcely suggest so wholesome an outcome


( S ( NP-SBJ-1 ( DT The ) ( NNP Fleet ) ( NNP Street ) ( NN reaction ) ) ( VP ( VBD was ) ( VP ( VBN captured ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NNP Guardian ) ( NN headline ) ) ( S-TTL ( NP-SBJ ( NN Departure ) ) ( VP ( VBZ Reveals ) ( NP ( NNP Thatcher ) ( NN Poison ) ) ) ) ) ) ) ) )

The Fleet Street reaction was captured in the Guardian headline Departure Reveals Thatcher Poison


( S ( NP-SBJ ( JJ British ) ( NNS politicians ) ) ( VP ( VBP divide ) ( PP-CLR ( IN into ) ( NP ( NP ( NP ( CD two ) ( NNS groups ) ) ( PP ( IN of ) ( NP ( NNS chickens ) ) ) ) ( NP ( NP ( NP ( DT those ) ) ( SBAR ( IN with ) ( S ( NP-SBJ-1 ( PRP$ their ) ( NNS necks ) ) ( VP ( VBN cut ) ) ) ) ) ( CC and ) ( NP ( NP ( DT those ) ) ( VP ( VBG screaming ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN sky ) ) ( VP ( VBZ is ) ( VP ( VBG falling ) ) ) ) ) ) ) ) ) ) ) )

British politicians divide into two groups of chickens those with their necks cut and those screaming the sky is falling


( S ( ADVP ( RB So ) ( RB far ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD can ) ( VP ( VB see ) ) ) ) ) ) ( NP-SBJ ( NP ( RB only ) ( CD two ) ( NNS persons ) ) ) ( VP ( VBP are ) ( VP ( VBG behaving ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN dignity ) ) ( VP ( VBG recognizing ) ( NP ( NP ( DT the ) ( NN seriousness ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS issues ) ) ) ) ) ) ) ( NP-1 ( NP ( NNP Mr. ) ( NNP Lawson ) ) ( CC and ) ( NP ( NP ( NNP Sir ) ( NNP Alan ) ( NNP Walters ) ) ( NP ( NP ( DT the ) ( NN counterpoint ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Chancellor ) ( POS 's ) ) ( NNS difficulties ) ) ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( ADVP ( RB also ) ) ( VP ( VBD resigned ) ( PP-CLR ( IN as ) ( NP ( NP ( JJ personal ) ( NN adviser ) ) ( PP ( TO to ) ( NP ( NNP Mrs. ) ( NNP Thatcher ) ) ) ) ) ) ) ) ) ) ) ) )

So far as we can see only two persons are behaving with a dignity recognizing the seriousness of the issues Mr. Lawson and Sir Alan Walters the counterpoint of the Chancellor 's difficulties who also resigned as personal adviser to Mrs. Thatcher


( S ( NP-SBJ ( DT The ) ( NN problem ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( JJ vital ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NP ( JJ monetary ) ( NN policy ) ) ( CC and ) ( NP ( NN exchange ) ( NNS rates ) ) ) ) ) ) ( NP-SBJ ( JJ conservative ) ( JJ free-market ) ( NNS economists ) ) ( VP ( VBP divide ) ( PP-CLR ( IN into ) ( NP ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( JJ incompatible ) ( NNS camps ) ) ) ) ) ) ) )

The problem is that on the vital issue of monetary policy and exchange rates conservative free-market economists divide into at least three incompatible camps


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJ strict ) ( NNS monetarists ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( VBG floating ) ( NN exchange ) ( NNS rates ) ) ( VP ( VBP free ) ( S ( NP-SBJ ( DT an ) ( NN economy ) ) ( VP ( TO to ) ( VP ( VB stabilize ) ( NP ( PRP$ its ) ( NN price ) ( NN level ) ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG stabilizing ) ( NP ( DT the ) ( JJ monetary ) ( NNS aggregates ) ) ) ) ) ) ) ) ) ) ) ) ) )

There are the strict monetarists who believe that floating exchange rates free an economy to stabilize its price level by stabilizing the monetary aggregates


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJ supply-side ) ( NNS globalists ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP seek ) ( S ( VP ( TO to ) ( VP ( VB spread ) ( NP ( NP ( DT the ) ( NNS advantages ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ common ) ( NN currency ) ) ) ) ( PP-MNR ( IN through ) ( NP ( VBN fixed ) ( NN exchange ) ( NNS rates ) ) ) ) ) ) ) ) ) ) ) )

There are the supply-side globalists who seek to spread the advantages of a common currency through fixed exchange rates


( S ( CC And ) ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( NN twin-deficit ) ( NNPS Keynesians ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP predict\/advocate ) ( NP ( NP ( NNS devaluations ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB balance ) ( NP ( NN trade ) ( NNS flows ) ) ) ) ) ) ) ) ) ) ) ) )

And there are the twin-deficit Keynesians who predict\/advocate devaluations to balance trade flows


( S ( NP-SBJ-1 ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN problem ) ) ( PP ( CONJP ( RB not ) ( RB only ) ) ( PP ( IN for ) ( NP ( NNP Prime ) ( NNP Minister ) ( NNP Thatcher ) ) ) ( CC but ) ( PP ( IN for ) ( NP ( NNP President ) ( NNP Bush ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBN shown ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT the ) ( JJ ongoing ) ( NN bickering ) ) ( PP ( IN over ) ( NP ( DT the ) ( NN dollar ) ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( CC and ) ( NP ( DT the ) ( NNP Mulford ) ( NNP Treasury ) ) ) ) ) ) ) ) ) ) )

This is a problem not only for Prime Minister Thatcher but for President Bush as shown in the ongoing bickering over the dollar between the Federal Reserve and the Mulford Treasury


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ British ) ( NN case ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Lawson ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS closest ) ( NN thing ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ( PP ( TO to ) ( NP ( DT a ) ( JJ supply-side ) ( NN globalist ) ) ) ) ) )

In the British case Mr. Lawson is the closest thing in London to a supply-side globalist


( S ( S ( NP-SBJ-2 ( PRP He ) ) ( CONJP ( RB not ) ( RB only ) ) ( VP ( VBD slashed ) ( NP ( JJ marginal ) ( NN tax ) ( NNS rates ) ) ( S-ADV ( ADVP-TMP ( RB initially ) ) ( VP ( VBG sparking ) ( NP ( JJ fresh ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( NNP Britain ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB regulate ) ( NP ( JJ monetary ) ( NN policy ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VP ( VBG targeting ) ( NP ( NN exchange ) ( NNS rates ) ) ) ( VP ( ADVP ( RB indeed ) ) ( VBG joining ) ( NP ( DT the ) ( NNP European ) ( NNP Monetary ) ( NNP System ) ) ) ) ) ) ) ) ) ) ) )

He not only slashed marginal tax rates initially sparking fresh growth in Britain but he wanted to regulate monetary policy by targeting exchange rates indeed joining the European Monetary System


( S ( SBAR-ADV ( IN While ) ( S ( ADVP ( DT no ) ( NN doubt ) ) ( VP ( VBG agreeing ) ( PP-CLR ( IN with ) ( NP ( NNP Mr. ) ( NNP Lawson ) ) ) ( PP-CLR ( IN on ) ( NP ( NN everything ) ( RB else ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Sir ) ( NNP Alan ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ dyed-in-the-wool ) ( NN monetarist ) ) ( VP ( VBN inclined ) ( S ( VP ( TO to ) ( VP ( VB defend ) ( NP ( VBG floating ) ( NNS rates ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN death ) ) ) ) ) ) ) ) ) )

While no doubt agreeing with Mr. Lawson on everything else Sir Alan is a dyed-in-the-wool monetarist inclined to defend floating rates to the death


( S ( S-ADV ( VP ( TO To ) ( VP ( VB make ) ( S ( NP-SBJ ( NNS matters ) ) ( ADJP-PRD ( ADJP ( RB even ) ( RBR more ) ) ( JJ confusing ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJR earlier ) ( NNP U.S. ) ( NN experience ) ) ( VP ( VBD made ) ( S ( ADJP-PRD ( JJ clear ) ) ( SBAR-SBJ ( IN that ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Lawson ) ( POS 's ) ) ( NN tax ) ( NNS cuts ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NP ( JJ profound ) ( NNS effects ) ) ( PP ( IN on ) ( NP ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( JJ international ) ( NNS accounts ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( NN sterling ) ) ) ) ) ) ) ) ) ) ) ) ) )

To make matters even more confusing the earlier U.S. experience made clear that Mr. Lawson 's tax cuts would have profound effects on Britain 's international accounts and the value of sterling


( S ( NP-SBJ-2 ( PRP They ) ) ( VP ( VP ( VBD increased ) ( NP ( NP ( DT the ) ( JJ after-tax ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN return ) ) ) ) ) ( CC and ) ( VP ( VBD made ) ( S ( NP-SBJ ( NNP Britain ) ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RB far ) ( RBR more ) ( JJ attractive ) ) ( NN place ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB invest ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG producing ) ( NP ( JJ sudden ) ( NN capital ) ( NNS inflows ) ) ) ) ) )

They increased the after-tax rate of return and made Britain a far more attractive place to invest producing sudden capital inflows


( S ( PP-MNR ( IN By ) ( NP ( VBG accounting ) ( NNS definitions ) ) ) ( NP-SBJ-1 ( DT this ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( DT a ) ( JJ sudden ) ( NN trade ) ( NN deficit ) ) ) ) ) ) )

By accounting definitions this had to produce a sudden trade deficit


( S ( PP ( IN As ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( NP-SBJ ( PRP it ) ) ( ADVP ( RB also ) ) ( VP ( VBD produced ) ( NP ( NP ( DT a ) ( JJ sudden ) ( NN burst ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NN sterling ) ) ) ) ) ( PRN ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN surge ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN sterling ) ( JJ monetary ) ( NNS aggregates ) ) ( NP ( NN M-Whatever ) ) ) ) ) ) ) ) ) ) )

As in the U.S. it also produced a sudden burst in the demand for sterling that is a surge in the sterling monetary aggregates M-Whatever


( S ( PP-TMP ( IN At ) ( NP ( DT this ) ( NN point ) ) ) ( NP-SBJ ( DT the ) ( NNS options ) ) ( VP ( VBD were ) ( S-PRD ( S ( VP ( VB Crunch ) ( NP ( NN money ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB stop ) ( NP ( NP ( DT the ) ( NN boost ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS aggregates ) ) ) ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNP Sir ) ( NNP Alan ) ) ( ADVP ( RB surely ) ) ( VP ( VBD advised ) ) ) ) ) ) ( CC and ) ( S ( VP ( VB forget ) ( NP ( DT the ) ( VBG soaring ) ( NN pound ) ) ) ) ) ) )

At this point the options were Crunch money to stop the boost in the aggregates as Sir Alan surely advised and forget the soaring pound


( FRAG ( S ( VP ( TO To ) ( VP ( VB push ) ( NP ( DT the ) ( NN pound ) ) ( ADVP-DIR ( RB even ) ( RBR lower ) ) ( S-ADV ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB cure ) ( NP ( DT the ) ( NN trade ) ( NN deficit ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN policy ) ) ( SBAR ( S ( NP-SBJ ( NNP Britain ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB repeatedly ) ) ( VP ( VBN proved ) ( S ( ADJP-PRD ( JJ disastrous ) ) ) ) ) ) ) ) )

To push the pound even lower trying to cure the trade deficit a policy Britain has repeatedly proved disastrous


( S ( CC Or ) ( VP ( TO to ) ( VP ( VP ( VB supply ) ( NP ( NP ( JJ enough ) ( NN money ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB meet ) ( NP ( DT the ) ( VBN increased ) ( NN demand ) ) ) ( CC and ) ( VP ( VB stabilize ) ( NP ( DT the ) ( NN exchange ) ( NN rate ) ) ) ) ) ) ) ) ( PRN ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT the ) ( NNP Chancellor ) ) ( VP ( VBD argued ) ) ) ) ) ) ( CC and ) ( VP ( VB ensure ) ( NP ( NP ( DT the ) ( NN permanence ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN policy ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG joining ) ( NP ( DT the ) ( NNP EMS ) ) ) ) ) ) ) ) )

Or to supply enough money to meet the increased demand and stabilize the exchange rate as the Chancellor argued and ensure the permanence of this policy by joining the EMS


( S ( S-ADV ( VP ( VBN Faced ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ similar ) ( NN situation ) ) ) ) ) ( NP-SBJ-1 ( NNP Paul ) ( NNP Volcker ) ) ( VP ( VBD let ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VB soar ) ) ) ( PRN ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( JJ monetary ) ( NNS aggregates ) ) ( ADVP ( RB also ) ) ( VP ( VBD grew ) ( ADVP-MNR ( ADVP ( RB so ) ( RB rapidly ) ) ( SBAR ( S ( NP-SBJ ( NNS monetarists ) ) ( VP ( VBD issued ) ( NP ( NP ( JJ egg-on-the-face ) ( NNS warnings ) ) ( PP ( IN of ) ( NP ( NN inflation ) ) ) ) ) ) ) ) ) ) ) ) ) )

Faced with a similar situation Paul Volcker let the dollar soar though monetary aggregates also grew so rapidly monetarists issued egg-on-the-face warnings of inflation


( S ( CC But ) ( NP-SBJ-1 ( DT this ) ) ( VP ( VBD devastated ) ( NP ( DT the ) ( NNP U.S. ) ( NN manufacturing ) ( NN sector ) ) ( S-ADV ( VP ( VBG laying ) ( NP ( NP ( DT the ) ( NNS seeds ) ) ( PP ( IN of ) ( NP ( NN protectionism ) ) ) ) ) ) ) )

But this devastated the U.S. manufacturing sector laying the seeds of protectionism


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Lawson ) ) ( SBAR-ADV ( IN though ) ( S ( RB not ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB join ) ( NP ( DT the ) ( NNP EMS ) ) ) ) ) ) ) ) ( VP ( VBD chose ) ( S ( VP ( TO to ) ( VP ( VB shadow ) ( NP ( DT the ) ( NN deutsche ) ( NN mark ) ) ) ) ) ) )

Mr. Lawson though not allowed to join the EMS chose to shadow the deutsche mark


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD reaped ) ( NP ( NP ( NN inflation ) ) ( PP ( IN along ) ( PP ( IN with ) ( NP ( JJ rapid ) ( NN growth ) ) ) ) ) ( S-ADV ( NP-ADV ( DT no ) ( NN doubt ) ) ( VP ( VBG validating ) ( NP ( NP ( NNP Sir ) ( NNP Alan ) ( POS 's ) ) ( NNS predictions ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Prime ) ( NNP Minister ) ( POS 's ) ) ( NN mind ) ) ) ) ) ) )

He reaped inflation along with rapid growth no doubt validating Sir Alan 's predictions in the Prime Minister 's mind


( S ( CC But ) ( ADVP-TMP ( RBR more ) ( RB recently ) ) ( NP-SBJ ( DT the ) ( NN pound ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG falling ) ( PP ( IN with ) ( NP ( NP ( JJ high ) ( NN inflation ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( ADVP ( RB also ) ) ( VP ( VBN seemed ) ( ADJP-PRD ( RB almost ) ( JJ impervious ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ high ) ( NN interest ) ( NNS rates ) ) ( SBAR ( S ( NP-SBJ-3 ( NNP Mr. ) ( NNP Lawson ) ) ( VP ( VBD deployed ) ( S-PRP ( VP ( TO to ) ( VP ( VB stop ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But more recently the pound has been falling with high inflation which has also seemed almost impervious to the high interest rates Mr. Lawson deployed to stop it


( S ( IN So ) ( NP-SBJ ( DT the ) ( JJ British ) ( NN experience ) ) ( VP ( VBZ presents ) ( NP ( NP ( DT a ) ( JJ genuine ) ( NN puzzle ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ reaches ) ( PP-LOC-CLR ( ADVP ( RB far ) ) ( IN beyond ) ( NP ( NP ( DT the ) ( NNS shores ) ) ( PP ( IN of ) ( NP ( NNP Albion ) ) ) ) ) ) ) ) ) ) )

So the British experience presents a genuine puzzle that reaches far beyond the shores of Albion


( S ( NP-SBJ ( PRP We ) ) ( VP ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG soliciting ) ( NP ( NP ( NNS opinions ) ) ( PP ( IN on ) ( NP ( PRP it ) ) ) ) ( PP-TMP ( ADVP ( JJ long ) ) ( IN before ) ( NP ( NP ( NNP Mr. ) ( NNP Lawson ) ( POS 's ) ) ( NN resignation ) ) ) ) ) ) ( CC and ) ( VP ( VBP offer ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN collection ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN benefit ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ his ) ( NX ( NX ( NN successor ) ) ( CC and ) ( NX ( JJ one-time ) ( NN deputy ) ) ) ) ( NP ( NNP John ) ( NNP Major ) ) ) ) ) ) ) ) )

We had been soliciting opinions on it long before Mr. Lawson 's resignation and offer some of the collection for the benefit of his successor and one-time deputy John Major


( S ( S-ADV ( VP ( TO To ) ( VP ( VB begin ) ( PRT ( IN with ) ) ) ) ) ( NP-SBJ-1 ( PRP we ) ) ( VP ( MD should ) ( VP ( VB note ) ( SBAR ( IN that ) ( S ( PP ( IN in ) ( NP ( NP ( NN contrast ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP U.S. ) ( NN deficit ) ) ) ) ) ( NP-SBJ ( NNP Britain ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG running ) ( NP ( JJ largish ) ( NN budget ) ( NNS surpluses ) ) ) ) ) ) ) ) ) )

To begin with we should note that in contrast to the U.S. deficit Britain has been running largish budget surpluses


( S ( PP-LOC ( IN In ) ( NP ( NP ( NN pursuit ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN mystery ) ) ) ) ) ( NP-SBJ ( NP ( JJ Keynesian ) ( NNS adepts ) ) ( CC and ) ( NP ( NN twin-deficit ) ( NNS mavens ) ) ) ( VP ( MD need ) ( RB not ) ( VP ( VB apply ) ) ) )

In pursuit of this mystery Keynesian adepts and twin-deficit mavens need not apply


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD should ) ( ADVP ( RB also ) ) ( VP ( VB add ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Lawson ) ( POS 's ) ) ( JJ own ) ( NN explanation ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP understand ) ( NP ( PRP it ) ) ) ) ) ) ) ) )

We should also add Mr. Lawson 's own explanation as we understand it


( S ( PP ( IN Unlike ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( NP-SBJ ( NNP Britain ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBD achieved ) ( NP ( NP ( RB even ) ( DT a ) ( JJ momentary ) ( NN reduction ) ) ( PP-LOC ( IN in ) ( NP ( JJ real ) ( NNS wages ) ) ) ) ) )

Unlike the U.S. Britain never achieved even a momentary reduction in real wages


( S ( NP-SBJ ( NP ( DT The ) ( NN wage ) ( NN stickiness ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( NNP OECD ) ( NNS studies ) ) ( VP ( VBP confirm ) ( SBAR ( S ( VP ( VBZ is ) ( ADJP-PRD ( RB particularly ) ( JJ high ) ) ( PP-LOC ( IN in ) ( NP ( NNP Britain ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ gives ) ( NP ( PRP$ its ) ( NN economy ) ) ( NP ( NP ( DT a ) ( JJ structural ) ( NN bias ) ) ( PP ( IN toward ) ( NP ( NN inflation ) ) ) ) ) )

The wage stickiness which OECD studies confirm is particularly high in Britain gives its economy a structural bias toward inflation


( S ( NP-SBJ ( NN Inflation ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR easier ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB spark ) ) ) ) ) ) ( CC and ) ( ADJP ( JJR harder ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB control ) ) ) ) ) ) ) ) )

Inflation is easier to spark and harder to control


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD should ) ( ADVP ( RB also ) ) ( VP ( VB concede ) ( SBAR ( IN that ) ( S ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ British ) ( NN experience ) ) ) ( NP-SBJ ( DT the ) ( NN monetarist ) ( NN cause ) ) ( VP ( VBZ regains ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN credibility ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD lost ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( NN experience ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We should also concede that in the British experience the monetarist cause regains some of the credibility it lost in the U.S. experience


( S ( ADVP-LOC ( JJ Nearby ) ) ( NP-SBJ ( NP ( NNP Paul ) ( NNP Craig ) ( NNP Roberts ) ) ( NP ( NP ( DT a ) ( VBN distinguished ) ( NN supply-sider ) ) ( PP ( IN with ) ( NP ( NN monetarist ) ( NNS sympathies ) ) ) ) ) ( VP ( VBZ argues ) ( NP ( NP ( DT the ) ( NN case ) ) ( PP ( IN for ) ( NP ( NNP Sir ) ( NNP Alan ) ) ) ) ) )

Nearby Paul Craig Roberts a distinguished supply-sider with monetarist sympathies argues the case for Sir Alan


( S ( ADVP ( RB Perhaps ) ) ( NP-SBJ-1 ( NP ( DT the ) ( JJ fiscal ) ( NN shock ) ) ( PP ( IN of ) ( NP ( NN tax ) ( NNS cuts ) ) ) ) ( VP ( VBZ is ) ( PP-TMP ( IN after ) ( NP ( DT all ) ) ) ( VP ( ADVP-MNR ( JJS best ) ) ( VBN absorbed ) ( PP-MNR ( IN by ) ( NP ( VBG floating ) ( NNS rates ) ) ) ( SBAR-ADV ( IN though ) ( S ( PP ( IN of ) ( NP ( NN course ) ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN event ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Lawson ) ) ( VP ( VBD resigned ) ( PP-CLR ( IN over ) ( SBAR ( IN whether ) ( S ( VP ( TO to ) ( VP ( VB support ) ( NP ( DT a ) ( JJ weak ) ( NN pound ) ) ) ( RB not ) ( VP ( VB restrain ) ( NP ( DT a ) ( JJ strong ) ( CD one ) ) ) ) ) ) ) ) ) ) ) ) )

Perhaps the fiscal shock of tax cuts is after all best absorbed by floating rates though of course in the event Mr. Lawson resigned over whether to support a weak pound not restrain a strong one


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP recall ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Roberts ) ) ( VP ( CONJP ( RB not ) ( RB only ) ) ( VP ( VBZ chides ) ( NP-2 ( DT the ) ( NNP Chancellor ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG being ) ( ADJP-PRD ( RB too ) ( RB easy ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT a ) ( NN desire ) ( S ( VP ( TO to ) ( VP ( VB constrain ) ( NP ( JJ sterling ) ) ) ) ) ) ) ) ) ) ) ( CONJP ( CC but ) ( RB also ) ) ( VP ( VBD led ) ( NP ( NP ( DT the ) ( NN chorus ) ) ( VP ( VBG saying ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Volcker ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB too ) ( JJ tight ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD let ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( NN rise ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We recall that Mr. Roberts not only chides the Chancellor for being too easy because of a desire to constrain sterling but also led the chorus saying that Mr. Volcker was too tight when he let the dollar rise


( S ( ADVP-LOC ( RB Somewhere ) ( PP ( IN in ) ( NP ( IN between ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( MD must ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ golden ) ( NN mean ) ) ( VP ( VP ( ADVP ( RB perhaps ) ) ( VBN measured ) ( PP ( IN by ) ( NP-LGS ( NNP M-Whatever ) ) ) ) ( CC but ) ( VP ( ADVP ( RB perhaps ) ) ( VBN measured ) ( PP ( IN by ) ( NP-LGS ( VBG purchasing ) ( NN power ) ( NN parity ) ) ) ) ) ) ) ) )

Somewhere in between there must be a golden mean perhaps measured by M-Whatever but perhaps measured by purchasing power parity


( S ( NP-SBJ-1 ( DT The ) ( NNS globalists ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Lawson ) ) ( VP ( VBD ran ) ( PP-DIR ( IN onto ) ( NP ( JJ technical ) ( NNS reefs ) ) ) ) ) ) ) ) ) ) )

The globalists tend to think Mr. Lawson ran onto technical reefs


( S ( S ( PP ( IN In ) ( S-NOM ( VP ( VBG fixing ) ( NP ( NNS rates ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN choice ) ) ( PP ( IN of ) ( NP ( JJ initial ) ( NNS parities ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ crucial ) ) ( PRN ( PP ( IN for ) ( NP ( NN example ) ) ) ) ) ) ( CC and ) ( S ( ADVP ( RB perhaps ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD picked ) ( NP ( DT the ) ( JJ wrong ) ( JJ pound-DM ) ( NN rate ) ) ) ) )

In fixing rates the choice of initial parities is crucial for example and perhaps he picked the wrong pound-DM rate


( S ( PP ( IN For ) ( NP ( DT that ) ( NN matter ) ) ) ( ADVP ( RB perhaps ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD fixed ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ wrong ) ( NN currency ) ) ) ) )

For that matter perhaps he fixed to the wrong currency


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP sympathize ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP Mrs. ) ( NNP Thatcher ) ( POS 's ) ) ( NN reluctance ) ( S ( VP ( TO to ) ( VP ( VB tie ) ( NP ( PRP$ her ) ( NN currency ) ) ( PP-CLR ( TO to ) ( NP ( NP ( CD one ) ) ( VP ( VBN governed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ domestic ) ( JJ political ) ( NNS imperatives ) ) ( PP ( IN of ) ( NP ( NNP West ) ( NNP Germany ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We sympathize with Mrs. Thatcher 's reluctance to tie her currency to one governed by the domestic political imperatives of West Germany


( S ( ADVP ( RB Perhaps ) ) ( NP-SBJ ( DT the ) ( NN shock ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( JJR less ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD 'd ) ( VP ( VBN fixed ) ( PP-CLR ( TO to ) ( NP ( DT another ) ( NN low-tax ) ( VBN deregulated ) ( JJ supply-side ) ( NN economy ) ) ) ) ) ) ) ) ) ) )

Perhaps the shock would have been less if they 'd fixed to another low-tax deregulated supply-side economy


( S ( NP-SBJ ( NP ( NNP Alan ) ( NNP Reynolds ) ) ( PP ( IN of ) ( NP ( NNP Polyconomics ) ) ) ) ( VP ( VBZ adds ) ( NP ( PRP$ his ) ( NN suspicion ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ unrecognized ) ( JJ inflationary ) ( NN culprit ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( NN budget ) ( NN surplus ) ) ) ) ) ) ) )

Alan Reynolds of Polyconomics adds his suspicion that the unrecognized inflationary culprit is the budget surplus


( S ( NP-SBJ ( NP ( DT Those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD can ) ( VP ( VB shake ) ( NP ( JJ Keynesian ) ( NNS ghosts ) ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS heads ) ) ) ) ) ) ) ) ) ( VP ( MD might ) ( VP ( VB recognize ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN retirement ) ) ( PP ( IN of ) ( NP ( NNS gilts ) ) ) ( PP ( IN for ) ( NP ( NN cash ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ equivalent ) ( PP ( TO to ) ( NP ( DT an ) ( JJ expansionary ) ( NN open-market ) ( NN operation ) ) ) ) ) ) ) ( S-ADV ( ADVP ( RB indeed ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN definition ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ open ) ( NN market ) ( NN operation ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB expand ) ( NP ( DT the ) ( NN money ) ( NN supply ) ) ) ) ) ) ) ) ) )

Those who can shake Keynesian ghosts out of their heads might recognize that the retirement of gilts for cash is equivalent to an expansionary open-market operation indeed it is the definition of an open market operation to expand the money supply


( S ( NP-SBJ ( NNP Mr. ) ( NNP Reynolds ) ) ( ADVP ( RB also ) ) ( VP ( VBZ notes ) ( SBAR ( IN that ) ( S ( SBAR-PRP ( IN since ) ( S ( NP-SBJ ( JJ British ) ( NNS banks ) ) ( VP ( VBP have ) ( NP ( DT no ) ( NN reserve ) ( NNS requirements ) ) ) ) ) ( NP-SBJ-1 ( JJ high ) ( NN interest ) ( NNS rates ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( RBR less ) ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB curb ) ( NP ( NN inflation ) ) ) ) ) ) ( SBAR ( IN than ) ( S ( VP ( TO to ) ( VP ( VB cause ) ( NP ( NN recession ) ) ) ) ) ) ) ) ) ) ) )

Mr. Reynolds also notes that since British banks have no reserve requirements high interest rates are less likely to curb inflation than to cause recession


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD would ) ( VP ( VB add ) ( SBAR ( IN that ) ( S ( PP ( IN in ) ( NP ( JJ political ) ( NNS terms ) ) ) ( NP-SBJ ( NP ( NNP Mrs. ) ( NNP Thatcher ) ( POS 's ) ) ( NN problem ) ) ( VP ( VBD was ) ( S-PRD ( VP ( VBG failing ) ( S ( VP ( TO to ) ( VP ( VB decide ) ( PP-CLR ( IN between ) ( NP ( NP ( DT the ) ( NNP Chancellor ) ) ( CC and ) ( NP ( PRP$ her ) ( NN adviser ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We would add that in political terms Mrs. Thatcher 's problem was failing to decide between the Chancellor and her adviser


( S ( PP ( IN In ) ( NP ( DT the ) ( NN end ) ) ) ( S ( NP-SBJ-1 ( DT neither ) ( NN policy ) ) ( VP ( VBD was ) ( VP ( VBN followed ) ) ) ) ( CC and ) ( S ( PP ( RB instead ) ( IN of ) ( S-NOM ( VP ( VBG learning ) ( NP ( NN anything ) ) ) ) ) ( NP-SBJ-2 ( PRP we ) ) ( VP ( VBP are ) ( VP ( VBN left ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( NN mystery ) ) ) ) ) ) )

In the end neither policy was followed and instead of learning anything we are left with a mystery


( S ( S ( PP ( IN In ) ( NP ( JJ particular ) ) ) ( S-NOM-SBJ ( VP ( VBG shadowing ) ( NP ( DT a ) ( NN currency ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN anything ) ) ( PP ( CC but ) ( NP ( VBG fixing ) ) ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( JJ open ) ( NN announcement ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN exchange ) ( NN rate ) ( NN target ) ) ( VP ( VBZ has ) ( NP ( DT no ) ( NN credibility ) ) ) ) ) ) ) ) )

In particular shadowing a currency is anything but fixing it is an open announcement that the exchange rate target has no credibility


( FRAG ( ADVP ( PDT All ) ( DT the ) ( RBR more ) ( RB so ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( JJ strong ) ( NNS voices ) ) ( VP ( VBP are ) ( VP ( VBN heard ) ( S ( VP ( VBG opposing ) ( NP ( DT the ) ( NN policy ) ) ) ) ) ) ) ) )

All the more so when strong voices are heard opposing the policy


( FRAG ( ADJP ( JJR Better ) ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( DT a ) ( JJ true ) ( NN monetarist ) ( NN policy ) ) ( PP ( ADVP ( RB just ) ) ( IN for ) ( NP ( DT the ) ( NN experience ) ) ) ) ) ) )

Better to have a true monetarist policy just for the experience


( S ( IN So ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Lawson ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB resign ) ) ) ) ) )

So Mr. Lawson had to resign


( S ( PP ( IN In ) ( NP ( DT the ) ( NN end ) ) ) ( NP-SBJ-1 ( PRP$ his ) ( NN move ) ) ( VP ( VBD was ) ( VP ( VBN sparked ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS remarks ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS excerpts ) ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP Sir ) ( NNP Alan ) ( POS 's ) ) ( NN autobiography ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT The ) ( NNP American ) ( NNP Economist ) ) ( NP ( DT a ) ( JJ 10,000-circulation ) ( JJ academic ) ( NN journal ) ) ) ) ) ) ) ) ) ) ) ) )

In the end his move was sparked by remarks in excerpts from Sir Alan 's autobiography in The American Economist a 10,000-circulation academic journal


( S-CLF ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( DT the ) ( VBG underlying ) ( NN situation ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD became ) ( ADJP-PRD ( JJ intolerable ) ) ) ) ) ) )

But it was the underlying situation that became intolerable


( S ( SBAR-NOM-SBJ-3 ( WHNP-2 ( WP What ) ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Major ) ) ( CC and ) ( NP ( NNP Mrs. ) ( NNP Thatcher ) ) ) ( VP ( MD will ) ( VP ( VB do ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ( VP ( VBZ remains ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN seen ) ) ) ) ) ) )

What Mr. Major and Mrs. Thatcher will do now remains to be seen


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP confront ) ( NP ( NP ( NP ( JJ stubborn ) ( NN inflation ) ) ( CC and ) ( NP ( DT a ) ( VBG sagging ) ( NN economy ) ) ) ( PRN ( S ( NP-SBJ ( WDT that ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB say ) ) ) ) ) ) ) ( NP ( NN stagflation ) ) ) ) )

They confront stubborn inflation and a sagging economy that is to say stagflation


( S ( S ( NP-SBJ-1 ( DT This ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB be ) ( VP ( VBN solved ) ( PP ( IN by ) ( S-NOM-LGS ( VP ( VBG provoking ) ( NP ( DT a ) ( JJ further ) ( NN downturn ) ) ) ) ) ) ) ) ) ( S ( S-NOM-SBJ ( VP ( VBG reducing ) ( NP ( NP ( DT the ) ( NN supply ) ) ( PP ( IN of ) ( NP ( NNS goods ) ) ) ) ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( VB solve ) ( NP ( NN inflation ) ) ) ) ) )

This can not be solved by provoking a further downturn reducing the supply of goods does not solve inflation


( S ( NP-SBJ ( PRP$ Our ) ( NN advice ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT this ) ) ( S ( VP ( VP ( ADVP-TMP ( RB Immediately ) ) ( VB return ) ( NP ( DT the ) ( NN government ) ( NNS surpluses ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN economy ) ) ) ( PP-MNR ( IN through ) ( NP ( JJ incentive-maximizing ) ( NN tax ) ( NNS cuts ) ) ) ) ( CC and ) ( VP ( VB find ) ( NP ( NP ( DT some ) ( JJ monetary ) ( NN policy ) ( NN target ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ balances ) ( NP ( DT both ) ( NP ( NN supply ) ) ( CC and ) ( NP ( NP ( NN demand ) ) ( PP ( IN for ) ( NP ( NN money ) ) ) ) ) ) ( PRN ( SBAR-ADV ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( DT neither ) ( NP ( NNS aggregates ) ) ( CC nor ) ( NP ( NN interest ) ( NNS rates ) ) ) ( VP ( MD can ) ( VP ( VB do ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Our advice is this Immediately return the government surpluses to the economy through incentive-maximizing tax cuts and find some monetary policy target that balances both supply and demand for money which neither aggregates nor interest rates can do


( S ( NP-SBJ ( DT This ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN version ) ) ( PP ( IN of ) ( NP ( JJ supply-side ) ( NNS economics ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( PP-TMP ( IN in ) ( NP ( DT the ) ( NX ( NX ( JJ late ) ( CD 1970s ) ) ( CC and ) ( NX ( RB early ) ( CD '80s ) ) ) ) ) ( VP ( VBD worked ) ( UCP-LOC ( PP ( IN in ) ( NP ( NNP America ) ) ) ( CC and ) ( ADVP ( JJ world-wide ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB solve ) ( NP ( NP ( DT a ) ( ADJP ( RB far ) ( RBR more ) ( JJ serious ) ) ( NN stagflation ) ) ( SBAR ( IN than ) ( S ( VP ( VBZ afflicts ) ( NP ( NNP Britain ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This was the version of supply-side economics that in the late 1970s and early '80s worked in America and world-wide to solve a far more serious stagflation than afflicts Britain today


( S ( INTJ ( UH Well ) ) ( NP-SBJ ( DT the ) ( JJ arrogant ) ( NNP East ) ( NNP Coast ) ( NNS media ) ) ( VP ( VBP have ) ( VP ( VBN spoken ) ( ADVP-TMP ( RB again ) ) ( PRN ( NP ( S-TTL ( VP ( VBG Going ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN Green ) ) ) ) ) ( NP ( NN editorial ) ) ( NP-TMP ( NNP Oct. ) ( CD 17 ) ) ) ) ) ) )

Well the arrogant East Coast media have spoken again Going for the Green editorial Oct. 17


( S ( S-ADV ( VP ( VBG Having ) ( VP ( VBN resided ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT the ) ( JJ great ) ( NN state ) ) ( PP ( IN of ) ( NP ( NNP California ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ past ) ( CD seven ) ( NNS years ) ) ) ) ) ) ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP find ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ hard ) ) ( S-3 ( VP ( TO to ) ( VP ( VB ignore ) ( NP ( PRP$ our ) ( JJ environmental ) ( NNS problems ) ) ( SBAR-TMP ( SBAR ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP start ) ( NP ( NP ( PRP$ my ) ( NN commute ) ) ( PP ( TO to ) ( NP ( NN work ) ) ) ) ( PP ( IN with ) ( S-NOM ( S ( NP-SBJ ( NNS eyes ) ) ( VP ( VBG tearing ) ) ) ( CC and ) ( S ( NP-SBJ ( NN head ) ) ( VP ( VBG aching ) ) ) ( PP-2 ( IN from ) ( NP ( DT the ) ( JJ polluted ) ( NN air ) ) ) ) ) ) ) ) ( SBAR ( WHADVP-5 ( WRB when ) ) ( S ( NP-SBJ-6 ( PRP I ) ) ( VP ( VP ( VBP try ) ( S ( VP ( TO to ) ( VP ( VB enjoy ) ( NP ( DT the ) ( NNS beaches ) ) ) ) ) ) ( CC and ) ( VP ( VBD come ) ( NP-DIR ( NN home ) ) ( S-ADV ( VP ( VBN covered ) ( PP-CLR ( IN with ) ( NP ( NN tar ) ( CC and ) ( NN oil ) ) ) ) ) ) ) ) ) ( SBAR ( WHADVP-7 ( WRB when ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP hear ) ( PP-CLR ( IN of ) ( NP ( NP ( JJ numerous ) ( NNS deaths ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( JJ irresponsible ) ( NX ( NX ( NX ( NN processing ) ) ( PP ( IN of ) ( NP ( NN cheese ) ) ) ) ( CC and ) ( NX ( NX ( NN use ) ) ( PP ( IN of ) ( NP ( NNS chemicals ) ) ) ( PP-LOC ( IN in ) ( NP ( NN fruit ) ( NN growing ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Having resided in the great state of California for the past seven years I find it hard to ignore our environmental problems when I start my commute to work with eyes tearing and head aching from the polluted air when I try to enjoy the beaches and come home covered with tar and oil when I hear of numerous deaths related to irresponsible processing of cheese and use of chemicals in fruit growing


( S ( ADVP ( RB Perhaps ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( VBG entertaining ) ) ( PP ( IN for ) ( NP ( NP ( DT those ) ) ( PP ( IN like ) ( NP ( PRP you ) ) ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB discount ) ( NP ( NP ( DT the ) ( NNS concerns ) ) ( PP ( IN of ) ( NP ( NNS environmentalists ) ) ) ) ( S-ADV ( VP ( VP ( VBG suggesting ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ their ) ( JJ save-the-earth ) ( NNS initiatives ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ whacky ) ) ) ) ) ) ( CC and ) ( VP ( VBG referring ) ( PP-CLR ( TO to ) ( NP ( ADJP ( RB so ) ( JJ many ) ) ( NNS citizens ) ) ) ( PP-CLR ( IN as ) ( NP ( JJ la-la ) ( NNS activists ) ) ) ) ) ) ) ) ) ) )

Perhaps it 's entertaining for those like you to discount the concerns of environmentalists suggesting that their save-the-earth initiatives are whacky and referring to so many citizens as la-la activists


( FRAG ( ADJP ( JJ Strange ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB hear ) ( NP ( NP ( JJ similar ) ( NNS criticisms ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP East ) ( NNP Coast ) ( NNS activists ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP seek ) ( S ( VP ( TO to ) ( VP ( VP ( VB clean ) ( PRT ( RP up ) ) ( NP ( NNP Boston ) ( NNP Harbor ) ) ) ( CC or ) ( VP ( VB rid ) ( NP ( PRP$ their ) ( NNS beaches ) ) ( PP-CLR ( IN of ) ( NP ( JJ medical ) ( NN waste ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Strange that we do n't hear similar criticisms of the East Coast activists who seek to clean up Boston Harbor or rid their beaches of medical waste


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( DT no ) ( JJ easy ) ( JJ low-cost ) ( NNS solutions ) ) ) ) ) ( S-NOM-SBJ ( ADVP ( RB simply ) ) ( VP ( VBG ignoring ) ( NP ( PRP$ our ) ( NNS problems ) ) ) ) ( VP ( MD will ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( S-NOM ( NP-SBJ ( PRP$ their ) ( NN severity ) ) ( VP ( VP ( VBG increasing ) ) ( CC and ) ( VP ( VBG spreading ) ( PP-CLR ( IN throughout ) ( NP ( NP ( DT the ) ( NN state ) ) ( NP ( DT the ) ( NN nation ) ) ( CC and ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ) )

While there are no easy low-cost solutions simply ignoring our problems will result in their severity increasing and spreading throughout the state the nation and the world


( S ( SBAR-ADV ( IN If ) ( FRAG ( NP ( NP ( NN nothing ) ) ( ADJP ( RB else ) ) ) ) ) ( NP-SBJ ( NP ( JJ such ) ( NNS initiatives ) ) ( PP ( IN as ) ( NP ( DT these ) ) ) ) ( VP ( MD will ) ( VP ( VP ( VB provide ) ( NP ( DT an ) ( NN awareness ) ) ( PP-CLR ( TO to ) ( NP ( NNS citizens ) ( CC and ) ( NNS lawmakers ) ) ) ) ( CC and ) ( VP ( VB encourage ) ( NP ( JJ appropriate ) ( JJ corrective ) ( NN action ) ) ) ) ) )

If nothing else such initiatives as these will provide an awareness to citizens and lawmakers and encourage appropriate corrective action


( S ( PP-TMP ( IN Before ) ( NP ( PRP$ your ) ( JJ next ) ( JJ California-bashing ) ( NN editorial ) ) ) ( INTJ ( VB please ) ) ( VP ( VB spend ) ( NP ( JJR more ) ( NN time ) ) ( ADVP-LOC ( IN out ) ( RB here ) ) ( S-CLR ( VP ( VBG witnessing ) ( NP ( DT the ) ( NN situation ) ) ) ) ( S-PRP ( NP-SBJ ( PRP it ) ) ( ADVP ( RB just ) ) ( VP ( MD may ) ( VP ( VB change ) ( NP ( PRP$ your ) ( NN view ) ) ) ) ) ) )

Before your next California-bashing editorial please spend more time out here witnessing the situation it just may change your view


( NP ( NP ( NNP John ) ( NNP Barry ) ) ( NP-LOC ( NP ( NNP Ventura ) ) ( NP ( NNP Calif ) ) ) )

John Barry Ventura Calif


( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP realize ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD were ) ( ADVP ( RB just ) ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( NN something ) ) ( ADJP ( JJ snotty ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB say ) ( PP-CLR ( IN about ) ( NP ( NP ( NNP California ) ) ( CC and ) ( NP ( PRP$ its ) ( JJ environmental ) ( NN movement ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( S-NOM-SBJ ( VP ( VBG picking ) ( S ( NP-SBJ ( NNP Frank ) ( NNP Lloyd ) ( NNP Wright ) ) ( VP ( TO to ) ( VP ( VB say ) ( NP ( PRP it ) ) ( PP ( IN for ) ( NP ( PRP you ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ bad ) ( NN call ) ) ) ) )

I realize you were just looking for something snotty to say about California and its environmental movement but picking Frank Lloyd Wright to say it for you was a bad call


( S ( NP-SBJ ( NP ( NNP Wright ) ( POS 's ) ) ( JJ organic ) ( NN architecture ) ) ( VP ( VBD demonstrated ) ( NP ( NP ( DT a ) ( JJ keen ) ( NN sensitivity ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN environment ) ) ) ) ( SBAR-TMP ( NP-ADV ( NNS decades ) ) ( IN before ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD became ) ( ADJP-PRD ( JJ fashionable ) ) ( PP-LOC ( IN among ) ( NP ( JJ la-la ) ( NNS activists ) ) ) ) ) ) ) )

Wright 's organic architecture demonstrated a keen sensitivity to the environment decades before it became fashionable among la-la activists


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( NNP Wright ) ) ( VP ( VBD said ) ( NP-TMP ( PDT all ) ( PRP$ his ) ( NN life ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJS greatest ) ( NNS lessons ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD learned ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN derived ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN study ) ) ( PP ( IN of ) ( NP ( NN nature ) ) ) ) ) ) ) ) ) ) )

Indeed Wright said all his life that the greatest lessons he learned were derived from the study of nature


( S ( ADVP ( RB Obviously ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( VBN lost ) ) ( PP ( IN on ) ( NP ( PRP you ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ-2 ( NP ( QP ( IN about ) ( CD 75 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ American ) ( NNS people ) ) ) ) ( NP-TMP ( DT these ) ( NNS days ) ) ( PRN ( NP ( CC and ) ( PP ( IN in ) ( NP ( NN fact ) ) ) ( NP ( NP ( DT the ) ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP United ) ( NNPS States ) ) ) ) ) ) ( VP ( VBP consider ) ( S ( NP-SBJ ( PRP themselves ) ) ( NP-PRD ( NNS environmentalists ) ) ) ) ) ) ) )

Obviously it 's lost on you that about 75 % of the American people these days and in fact the president of the United States consider themselves environmentalists


( S ( PP ( IN As ) ( PP ( IN for ) ( S-NOM ( NP-SBJ ( NNP California ) ) ( VP ( VBG being ) ( NP-PRD ( NP ( DT a ) ( NN state ) ) ( VP ( VBN run ) ( PP ( IN by ) ( NP-LGS ( JJ liberal ) ( JJ environmental ) ( NNS loonies ) ) ) ) ) ) ) ) ) ( VP ( VB let ) ( S ( NP-SBJ ( PRP 's ) ) ( VP ( RB not ) ( VP ( VB forget ) ( SBAR-NOM ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NNP Ronald ) ( NNP Reagan ) ) ( VP ( VBD came ) ( PP-DIR ( IN from ) ) ) ) ) ) ) ) ) )

As for California being a state run by liberal environmental loonies let 's not forget where Ronald Reagan came from


( S ( ADVP ( RB Perhaps ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Reagan ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD claimed ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NN air ) ( NN pollution ) ) ( VP ( VBZ is ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( NNS trees ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN man ) ) ( SBAR ( S ( NP-SBJ-4 ( PRP you ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBG quoting ) ( S-PRP ( VP ( TO to ) ( VP ( VB back ) ( PRT ( RP up ) ) ( NP ( PRP$ your ) ( NN position ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN economics ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ important ) ) ( PP ( IN than ) ( NP ( DT the ) ( NN Earth ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Perhaps Mr. Reagan who claimed that air pollution is caused by trees is the man you should be quoting to back up your position that economics is more important than the Earth


( S-CLF ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( NNP Frank ) ( NNP Lloyd ) ( NNP Wright ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD said ) ( SQ ( VBZ Is ) ( NP-SBJ ( DT this ) ) ( RB not ) ( NP-PRD ( NNP Anti-Christ ) ) ) ) ) ) ) )

But it was Frank Lloyd Wright who said Is this not Anti-Christ


( NP ( NP ( DT The ) ( NNP Moloch ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ knows ) ( NP ( NP ( DT no ) ( NNP God ) ) ( PP ( CC but ) ( NP ( JJR more ) ) ) ) ) ) ) )

The Moloch that knows no God but more


( NP ( NP ( NNP Robert ) ( NNP Borden ) ) ( NP-LOC ( NP ( NNP Santa ) ( NNP Monica ) ) ( NP ( NNP Calif ) ) ) )

Robert Borden Santa Monica Calif


( S ( NP-SBJ-1 ( NP ( PRP$ Your ) ( NN editorial ) ) ) ( VP ( VBD was ) ( UCP-PRD ( ADJP ( JJ commendable ) ) ( CC and ) ( VP ( ADVP ( RB neatly ) ) ( VBN matched ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT the ) ( NNS readers ) ( POS ' ) ) ( NNS comments ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS letters ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN editor ) ) ) ) ) ) ) ) ) ( NP-TTL-2 ( NP ( NN Alar ) ) ( S ( VP ( VBG Scaring ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN Side ) ) ( PP ( IN of ) ( NP ( NN Caution ) ) ) ) ) ) ) ) ) )

Your editorial was commendable and neatly matched by the readers ' comments in letters to the editor Alar Scaring on the Side of Caution


( S ( NP-SBJ ( NP ( DT The ) ( NN illogic ) ( CC and ) ( NN inaccuracy ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP John ) ( NNP H. ) ( NNP Adams ) ( POS 's ) ) ( NNS comments ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP National ) ( NNPS Resources ) ( NNP Defense ) ( NNP Council ) ) ) ) ) ) ( VP ( ADVP-MNR ( RB fully ) ) ( VBZ justifies ) ( NP ( NP ( PRP$ your ) ( NN characterization ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP California ) ( POS 's ) ) ( NNS Greens ) ) ( PP ( IN in ) ( NP ( JJ particular ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( JJ la-la ) ( NNS activists ) ) ) ) ) )

The illogic and inaccuracy of John H. Adams 's comments for the National Resources Defense Council fully justifies your characterization of California 's Greens in particular as la-la activists


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD may ) ( DT all ) ( VP ( VP ( VB hope ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP California ) ( POS 's ) ) ( NNS voters ) ) ( VP ( MD will ) ( VP ( VB heed ) ( NP ( NP ( DT the ) ( JJ scientific ) ( NNS realities ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NP ( PRP$ their ) ( JJ own ) ( NN university ) ( POS 's ) ) ( JJ renowned ) ( NNP Prof. ) ( NNP Tom ) ( NNP Jukes ) ) ( VP ( VBZ provides ) ( NP-BNF ( PRP them ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VB ignore ) ( NP ( NP ( DT the ) ( NN charlatanry ) ) ( VP ( VBN profferred ) ( PP ( IN by ) ( NP-LGS ( PRP$ their ) ( JJ wealthy ) ( NNP Hollywood ) ( NNS weepers ) ) ) ) ) ) ) ) )

We may all hope that California 's voters will heed the scientific realities that their own university 's renowned Prof. Tom Jukes provides them and ignore the charlatanry profferred by their wealthy Hollywood weepers


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( NP ( NP ( DT a ) ( JJ different ) ( NN approach ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB offer ) ( PP-DTV ( CONJP ( RB not ) ( RB only ) ) ( PP ( TO to ) ( NP ( NNPS Californians ) ) ) ( CC but ) ( PP ( TO to ) ( NP ( DT all ) ( NNPS Americans ) ) ) ) ) ) ) ) ) ) )

I have a different approach to offer not only to Californians but to all Americans


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ free ) ( NN country ) ) ) ( NP-SBJ ( DT the ) ( NN law ) ) ( VP ( MD should ) ( VP ( VB restrict ) ( NP ( NNS citizens ) ) ( NP-MNR ( NP ( RB as ) ( JJ little ) ) ( SBAR ( IN as ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ consistent ) ( PP ( IN with ) ( NP ( NP ( JJ good ) ( NNS manners ) ) ( CC and ) ( NP ( JJ public ) ( NN safety ) ) ) ) ) ) ) ) ) ) ) )

In a free country the law should restrict citizens as little as is consistent with good manners and public safety


( S ( NP-SBJ ( JJ Would-be ) ( NNS naysayers ) ) ( VP ( MD should ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( NN burden ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG proving ) ( NP ( JJ reasonable ) ( NN necessity ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP urge ) ( NP ( DT a ) ( NN prohibition ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN enactment ) ) ( PP ( IN into ) ( NP ( NN law ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Would-be naysayers should have the burden of proving reasonable necessity when they urge a prohibition for enactment into law


( NP ( NP ( NNP W. ) ( NNP Brown ) ( NNP Morton ) ( NNP Jr ) ) ( NP-LOC ( NP ( NNP Warsaw ) ) ( NP ( NNP Va ) ) ) )

W. Brown Morton Jr Warsaw Va


( S ( NP-SBJ ( NP ( DT The ) ( CD 170 ) ( NNS airlines ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP International ) ( NNP Air ) ( NNP Transport ) ( NNP Association ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( VP ( VBD posted ) ( NP ( NP ( NN group ) ( JJ net ) ( NN profit ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.5 ) ( CD billion ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 125.1 ) ( CD billion ) ) ) ) ) ) ) ) )

The 170 airlines in the International Air Transport Association last year posted group net profit of 2.5 billion on revenue of 125.1 billion


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( NP ( DT the ) ( NN association ) ( POS 's ) ) ( JJ annual ) ( NN report ) ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN released ) ( ADVP-TMP ( NN today ) ) ( PP-LOC ( IN in ) ( NP ( NNP Warsaw ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP IATA ) ( NNS members ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN posted ) ( NP ( PDT such ) ( DT a ) ( JJ strong ) ( NN performance ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( JJ late ) ( CD 1970s ) ) ) ) ) )

According to the association 's annual report scheduled to be released today in Warsaw IATA members have n't posted such a strong performance since the late 1970s


( S ( S ( NP-SBJ ( NN Revenue ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( VP ( VBD increased ) ( PP-EXT ( IN by ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 11 ) ) ( NN % ) ) ( PP ( IN over ) ( NP ( CD 1988 ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( ADVP ( RB nearly ) ) ( VBD tripled ) ( PP-DIR ( IN from ) ( NP ( NP ( VBN restated ) ( JJ year-earlier ) ( NN net ) ) ( PP ( IN of ) ( NP ( QP ( CD 900 ) ( CD million ) ) ) ) ) ) ) ) )

Revenue last year increased by more than 11 % over 1988 and net income nearly tripled from restated year-earlier net of 900 million


( S ( NP-SBJ ( DT The ) ( NN group ) ) ( VP ( VBD attributed ) ( NP ( DT the ) ( JJ strong ) ( NNS results ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ favorable ) ( JJ economic ) ( NN climate ) ) ( NP ( NP ( VBG rising ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NN air ) ( NN travel ) ) ) ) ( CC and ) ( NP ( NP ( VBN improved ) ( JJ average ) ( NN yield ) ) ( PRN ( NP ( NP ( NN revenue ) ) ( VP ( VBN received ) ( PP ( IN per ) ( NP ( NP ( NN ton ) ) ( PP ( IN of ) ( NP ( NN traffic ) ) ) ( VP ( VBN transported ) ( NP-ADV ( DT a ) ( NN kilometer ) ) ) ) ) ) ) ) ) ) ) ) )

The group attributed the strong results to the favorable economic climate rising demand for air travel and improved average yield revenue received per ton of traffic transported a kilometer


( S ( ADVP-LOC ( NNP Systemwide ) ) ( NP-SBJ ( NNP IATA ) ( NNS airlines ) ) ( VP ( VBD carried ) ( NP ( NP ( QP ( CD 632 ) ( CD million ) ) ( NNS passengers ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( ADJP-1 ( NP ( NP-ADV ( CD 2 ) ( NN % ) ) ( JJR more ) ) ( SBAR ( IN than ) ( FRAG ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) ) )

Systemwide IATA airlines carried 632 million passengers last year 2 % more than in 1987


( S ( CC But ) ( NP-SBJ ( NP ( NNS passenger-kilometers ) ) ( NP ( NP ( DT the ) ( NN distance ) ) ( VP ( VBN flown ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG carrying ) ( NP ( NNS people ) ) ) ) ) ) ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 5.3 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) )

But passenger-kilometers the distance flown while carrying people increased 5.3 % in 1988


( S ( NP-SBJ ( DT The ) ( NN association ) ) ( VP ( VBD said ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NP ( NN lack ) ) ( PP ( IN of ) ( NP ( NN airport ) ( CC and ) ( NN air ) ( NN space ) ( NN capacity ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS biggest ) ( NN problem ) ) ( VP ( VBG facing ) ( NP ( DT the ) ( NN airline ) ( NN industry ) ) ) ) ) ) ) ) )

The association said that lack of airport and air space capacity is the biggest problem facing the airline industry


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNP KGB ) ) ( VP ( VBZ has ) ( VP ( VBN abolished ) ( NP ( NP ( DT a ) ( NN unit ) ) ( VP ( VBN known ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG persecuting ) ( NP ( NNS dissidents ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN government ) ( NN newspaper ) ( NNP Izvestia ) ) ( VP ( VBD said ) ) )

The KGB has abolished a unit known for persecuting dissidents the government newspaper Izvestia said


( S ( NP-SBJ ( DT The ) ( NN newspaper ) ) ( VP ( VBD quoted ) ( NP-1 ( NNP KGB ) ( NN chairman ) ( NNP Vladimir ) ( NNP A. ) ( NNP Kryuchkov ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG saying ) ( SBAR ( S ( S ( NP-SBJ ( NP ( DT the ) ( NN definition ) ) ( PP ( IN of ) ( NP ( JJ anti-Soviet ) ( NNS crimes ) ) ) ) ( VP ( VBD had ) ( VP ( VBN narrowed ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NNS laws ) ) ( VP ( VBD had ) ( VP ( VBN changed ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NNS people ) ) ( ADVP-TMP ( RB no ) ( RB longer ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB fear ) ( NP ( NP ( DT a ) ( JJ simple ) ( NN slip ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN tongue ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The newspaper quoted KGB chairman Vladimir A. Kryuchkov as saying the definition of anti-Soviet crimes had narrowed the laws had changed and people no longer have to fear a simple slip of the tongue


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Kryuchkov ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG saying ) ( SBAR ( IN that ) ( S ( PP-LOC ( IN in ) ( NP ( NP ( NN place ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ infamous ) ( JJ 5th ) ( NN Directorate ) ) ) ) ) ( NP-SBJ-3 ( DT a ) ( JJ new ) ( NN unit ) ) ( VP ( MD would ) ( VP ( VB work ) ( S-CLR ( VP ( TO to ) ( VP ( VB foil ) ( NP ( NP ( DT the ) ( NNS conspiracies ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NN intelligence ) ( NNS services ) ) ) ( S-4 ( VP ( TO to ) ( VP ( VB create ) ( CC and ) ( VB use ) ( NP ( NP ( VBN organized ) ( JJ anti-government ) ( NNS groups ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ our ) ( NN country ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Kryuchkov was quoted as saying that in place of the infamous 5th Directorate a new unit would work to foil the conspiracies of foreign intelligence services to create and use organized anti-government groups in our country


( S ( S-TPC-1 ( NP-SBJ ( NNP Czechoslovakia ) ) ( VP ( VBZ has ) ( VP ( VBN restricted ) ( NP ( NP ( NNS consumer-goods ) ( NNS exports ) ) ( PP ( TO to ) ( NP ( NN neighbor ) ( NNS countries ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ massive ) ( NN buying ) ( IN out ) ) ( PP ( IN of ) ( NP ( NN food ) ) ) ( PP ( IN by ) ( NP ( NP ( NNS tourists ) ) ( PP ( IN from ) ( NP ( NP ( NNP Poland ) ) ( NP ( NNP Hungary ) ) ( CC and ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Rude ) ( NNP Pravo ) ( RB daily ) ) ( VP ( VBD said ) ) )

Czechoslovakia has restricted consumer-goods exports to neighbor countries because of massive buying out of food by tourists from Poland Hungary and the Soviet Union the Rude Pravo daily said


( S ( NP-SBJ ( NP ( VBG Rising ) ( NN inflation ) ) ( PP-LOC ( IN in ) ( NP ( NNP Poland ) ( CC and ) ( NNP Hungary ) ) ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( JJ Czechoslovak ) ( NN food ) ( NN clothing ) ( CC and ) ( NNS shoes ) ) ( ADJP-PRD ( RB relatively ) ( JJ cheap ) ( PP ( IN for ) ( NP ( NP ( NNS visitors ) ) ( PP ( IN from ) ( NP ( DT these ) ( NNS countries ) ) ) ) ) ) ) ) )

Rising inflation in Poland and Hungary makes Czechoslovak food clothing and shoes relatively cheap for visitors from these countries


( S ( NP-SBJ ( DT The ) ( NN paper ) ) ( VP ( VP ( VBD gave ) ( NP ( NP ( DT no ) ( NNS details ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NNS restrictions ) ) ( VP ( MD would ) ( VP ( VB entail ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS measures ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ necessary ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB protect ) ( NP ( DT the ) ( JJ domestic ) ( NN market ) ) ) ) ) ) ) ) ) ) )

The paper gave no details of what the restrictions would entail but said the measures were necessary to protect the domestic market


( S ( NP-SBJ ( NP ( NP ( NNP West ) ( NNP Germany ) ( POS 's ) ) ( JJS biggest ) ( NN union ) ) ( NP ( NNP IG ) ( NNP Metall ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB back ) ( NP ( NP ( NNS demands ) ) ( PP ( IN for ) ( NP ( NP ( JJR more ) ( NN pay ) ) ( CC and ) ( NP ( JJR shorter ) ( NNS hours ) ) ) ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS strikes ) ) ( PP ( IN against ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( UCP ( JJ automotive ) ( NN steel ) ( CC and ) ( NN engineering ) ) ( NNS industries ) ) ) ) ) ) ) ) ) ) ) ) ) )

West Germany 's biggest union IG Metall said it is ready to back demands for more pay and shorter hours with strikes against the nation 's automotive steel and engineering industries


( S ( NP-SBJ ( PRP$ Its ) ( NN chairman ) ) ( VP ( VBD told ) ( NP-1 ( DT the ) ( NN union ) ) ( S ( VP ( TO to ) ( VP ( VB prepare ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( JJS worst ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( JJ next ) ( NN year ) ( POS 's ) ) ( NN confrontation ) ) ( PP ( IN with ) ( NP ( NNS employers ) ) ) ( PP ( IN over ) ( NP ( DT a ) ( JJ new ) ( JJ three-year ) ( NN wage ) ( NN deal ) ) ) ) ) ) ) ) ) )

Its chairman told the union to prepare for the worst in next year 's confrontation with employers over a new three-year wage deal


( S ( NP-SBJ ( DT A ) ( JJ major ) ( NN goal ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB cut ) ( NP ( DT the ) ( VBG working ) ( NN week ) ) ( PP-CLR ( TO to ) ( NP ( CD 35 ) ( NNS hours ) ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( JJ present ) ( CD 37 ) ) ) ) ) ) ) )

A major goal is to cut the working week to 35 hours from the present 37


( SINV ( NP-TMP ( JJ Last ) ( NN week ) ) ( VBD came ) ( NP-SBJ ( NP ( NN news ) ) ( PP ( IN of ) ( NP ( NP ( NN alarm ) ) ( PP-LOC ( IN in ) ( NP ( NNP Venice ) ) ) ( PP ( IN over ) ( NP ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB tap ) ( NP ( NP ( NN gas ) ( NNS fields ) ) ( ADVP-LOC ( IN off ) ( NP ( NP ( DT the ) ( NN city ) ( POS 's ) ) ( NN coast ) ) ) ) ) ) ) ) ) ) ) ) )

Last week came news of alarm in Venice over a plan to tap gas fields off the city 's coast


( SINV ( ADVP-TMP ( RB Now ) ) ( VBZ comes ) ( NP-SBJ ( NN word ) ) ( PP-DIR ( IN from ) ( NP ( DT a ) ( NN scientist ) ) ) ( SBAR-2 ( IN that ) ( S ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( NN century ) ) ) ( NP-SBJ ( NNP Venice ) ) ( VP ( MD will ) ( VP ( VB sink ) ( ADVP ( ADVP ( QP ( RB nearly ) ( CD three ) ( NNS times ) ) ( RBR faster ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ present ) ( NN rate ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT the ) ( NN greenhouse ) ( NN effect ) ) ) ) ) ) ) )

Now comes word from a scientist that over the next century Venice will sink nearly three times faster than the present rate because of the greenhouse effect


( S ( S-TPC-2 ( NP-SBJ ( JJ Global ) ( NN warming ) ) ( VP ( VBZ means ) ( NP ( NP ( JJR higher ) ( NNS tides ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB lower ) ( NP ( NNP Venice ) ) ( PP-EXT ( IN by ) ( NP ( QP ( DT another ) ( CD 23 ) ) ( NNS inches ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( CD 100 ) ( NNS years ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Giovanni ) ( NNP Cecconi ) ) ( PP ( IN of ) ( NP ( DT the ) ( DT the ) ( NNP New ) ( NNP Venice ) ( NNP Consortium ) ) ) ) ( VP ( VBD said ) ) )

Global warming means higher tides which will lower Venice by another 23 inches in the next 100 years Giovanni Cecconi of the the New Venice Consortium said


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN consortium ) ) ( PP ( IN of ) ( NP ( NNS scientists ) ( CC and ) ( NNS companies ) ) ) ) ( VP ( VBD was ) ( VP ( VBN set ) ( PRT ( RP up ) ) ( PP ( IN by ) ( NP-LGS ( NNP Italy ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB preserve ) ( NP ( NP ( DT the ) ( JJ fabled ) ( NN city ) ) ( PP ( IN of ) ( NP ( NNS canals ) ) ) ) ) ) ) ) ) ) ) )

The consortium of scientists and companies was set up by Italy to help preserve the fabled city of canals


( S ( NP-SBJ ( NNP Venice ) ) ( VP ( VBZ has ) ( VP ( VBN sunk ) ( NP-EXT ( CD 10 ) ( NNS inches ) ) ( PP-TMP ( IN in ) ( NP ( DT this ) ( NN century ) ) ) ) ) )

Venice has sunk 10 inches in this century


( S ( NP-SBJ ( NP ( NNP West ) ( NNP Germany ) ( POS 's ) ) ( NNP Quelle ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB establish ) ( NP ( DT a ) ( JJ mail-order ) ( NN operation ) ) ( PP ( IN with ) ( NP ( CD two ) ( JJ local ) ( NNS partners ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ) )

West Germany 's Quelle said it will establish a mail-order operation with two local partners in the Soviet Union next year


( S ( S-ADV ( VP ( VBG Saying ) ( SBAR ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ first ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ Western ) ( NN company ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( NNP West ) ( NNP Germany ) ( POS 's ) ) ( JJS largest ) ( NN mail-order ) ( NN group ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( ADJP ( RB newly ) ( VBN established ) ) ( JJ Moscow-based ) ( NNP Intermoda ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB begin ) ( NP ( NNS operations ) ) ( PP-TMP ( IN in ) ( NP ( NNP February ) ( CD 1990 ) ) ) ) ) ) ) ) ) ) ) )

Saying this is a first for a Western company West Germany 's largest mail-order group said the newly established Moscow-based Intermoda company is scheduled to begin operations in February 1990


( S ( NP-SBJ ( NNP Intermoda ) ) ( VP ( MD will ) ( ADVP-TMP ( RB initially ) ) ( ADVP ( RB only ) ) ( VP ( VB send ) ( NP ( NP ( DT the ) ( NN textile ) ( CC and ) ( NN clothing ) ( NN section ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Quelle ) ( NN catalog ) ) ( VP ( VBN translated ) ( PP-CLR ( IN into ) ( NP ( NNP Russian ) ) ) ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( JJ Soviet ) ( NNS customers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( NP ( NP ( NN access ) ) ( PP ( TO to ) ( NP ( JJ convertible ) ( NN currency ) ) ) ) ) ) ) ) ) ) ) )

Intermoda will initially only send the textile and clothing section of the Quelle catalog translated into Russian to Soviet customers who have access to convertible currency


( S ( NP-SBJ ( DT The ) ( NNP European ) ( NNP Community ) ( NNP Commission ) ) ( VP ( VBZ has ) ( VP ( VBN imposed ) ( NP ( JJ provisional ) ( JJ anti-dumping ) ( NNS duties ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS imports ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ South ) ( JJ Korean ) ) ( JJ small-screen ) ( NN color-television ) ( NNS sets ) ) ) ) ) ) ) )

The European Community Commission has imposed provisional anti-dumping duties on imports of South Korean small-screen color-television sets


( S ( S-ADV ( VP ( VBG Saying ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( NN surge ) ) ( PP-LOC ( IN in ) ( NP ( JJ low-priced ) ( NNS imports ) ) ) ) ( VP ( VP ( VBD had ) ( VP ( VBN damaged ) ( NP ( NP ( NNP EC ) ( NNS producers ) ( POS ' ) ) ( NNS profits ) ) ) ) ( CC and ) ( VP ( VBN led ) ( PP-CLR ( TO to ) ( NP ( NN job ) ( NNS losses ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN commission ) ) ( VP ( VP ( VBD imposed ) ( NP-2 ( NP ( DT a ) ( NN duty ) ) ( PP ( IN of ) ( NP-4 ( CD 10.2 ) ( NN % ) ) ) ) ( PP-CLR-3 ( IN on ) ( NP ( NP ( NNS TVs ) ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NNP Daewoo ) ) ) ) ) ) ) ( VP ( NP=2 ( NP ( DT a ) ( NN duty ) ) ( PP ( IN of ) ( NP ( CD 12.3 ) ( NN % ) ) ) ) ( PP-CLR=3 ( IN on ) ( NP ( NNP Goldstar ) ( NNP Co. ) ) ) ) ( VP ( NP=4 ( CD 13 ) ( NN % ) ) ( PP-CLR=3 ( IN on ) ( NP ( NNP Samsung ) ) ) ) ( CC and ) ( VP ( NP=4 ( CD 19.6 ) ( NN % ) ) ( PP-CLR=3 ( IN on ) ( NP ( NP ( NNS TVs ) ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( JJ other ) ( ADJP ( JJ South ) ( JJ Korean ) ) ( NNS producers ) ) ) ) ) ) ) ) )

Saying that a surge in low-priced imports had damaged EC producers ' profits and led to job losses the commission imposed a duty of 10.2 % on TVs made by Daewoo a duty of 12.3 % on Goldstar Co. 13 % on Samsung and 19.6 % on TVs made by other South Korean producers


( S ( NP-SBJ ( DT The ) ( NN commission ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP EC ) ( NN television ) ( NNS producers ) ) ( VP ( VP ( VBD lost ) ( NP ( JJ important ) ( NN market ) ( NNS shares ) ) ) ( CC and ) ( VP ( VBD suffered ) ( NP ( NP ( DT an ) ( JJ unsustainable ) ( NN pressure ) ) ( PP ( IN on ) ( NP ( NNS prices ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NP ( DT the ) ( JJ Korean ) ( NNS companies ) ( POS ' ) ) ( NN marketing ) ( CC and ) ( NN pricing ) ( NNS policies ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD said ) ( SBAR ( S ( VP ( VBD were ) ( PP-PRD ( IN in ) ( NP ( NP ( JJ clear ) ( NN violation ) ) ( PP ( IN of ) ( NP ( JJ international ) ( NN trade ) ( NNS rules ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The commission said that EC television producers lost important market shares and suffered an unsustainable pressure on prices because of the Korean companies ' marketing and pricing policies which it said were in clear violation of international trade rules


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ other ) ( NN news ) ) ( VP ( VBG concerning ) ( NP ( NP ( NNP South ) ( NNP Korea ) ( POS 's ) ) ( NN television ) ( NN industry ) ) ) ) ) ( NP-SBJ ( NNP Samsung ) ) ( VP ( VBD signed ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( NP ( NNP Soyuz ) ) ( NP ( NP ( DT the ) ( JJ external-trade ) ( NN organization ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB swap ) ( NP ( JJ Korean ) ( NX ( NX ( NN television ) ( NNS sets ) ) ( CC and ) ( NX ( NN videocassette ) ( NNS recorders ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN pig ) ( NN iron ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) ) ) ) ) ) )

In other news concerning South Korea 's television industry Samsung signed an agreement with Soyuz the external-trade organization of the Soviet Union to swap Korean television sets and videocassette recorders for pig iron from the Soviet Union


( S ( NP-SBJ ( NP ( NNP South ) ( NNP Korea ) ) ( CC and ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ( VP ( VP ( VBP have ) ( NP ( DT no ) ( JJ diplomatic ) ( NNS relations ) ) ) ( CC but ) ( VP ( VBD exchanged ) ( NP ( NN trade ) ( NNS offices ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) ) )

South Korea and the Soviet Union have no diplomatic relations but exchanged trade offices earlier this year


( S ( NP-SBJ ( NP ( NNP Sri ) ( NNP Lanka ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( QP ( JJR more ) ( IN than ) ( CD 15,000 ) ) ( NNS people ) ) ( VP ( VBP have ) ( VP ( VBN died ) ( PP-TMP ( IN in ) ( NP ( NP ( CD six ) ( NNS years ) ) ( PP ( IN of ) ( NP ( JJ ethnic ) ( NN turmoil ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB ban ) ( NP ( NN sex ) ( CC and ) ( NN violence ) ) ( PP-CLR ( IN from ) ( NP ( JJ state-owned ) ( NN television ) ) ) ( NP-TMP ( IN next ) ( NN year ) ) ) ) ) ) ) )

Sri Lanka where more than 15,000 people have died in six years of ethnic turmoil said it will ban sex and violence from state-owned television next year


( S ( S-TPC-2 ( NP-SBJ ( NP ( JJ Many ) ( NNS programs ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ( VP ( VP ( VBP come ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NN West ) ) ) ) ( CC and ) ( VP ( VBP are ) ( RB not ) ( ADJP-PRD ( JJ suitable ) ( PP ( TO to ) ( NP ( PRP$ our ) ( NN culture ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN government ) ( NN minister ) ) ( VP ( VBD said ) ) )

Many programs we have now come from the West and are not suitable to our culture a government minister said


( S ( NP-SBJ ( DT A ) ( NN star ) ( NN attraction ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ national ) ( NN network ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NNP U.S. ) ( POS 's ) ) ( NX-TTL ( NNP Dynasty ) ) ) ) )

A star attraction on the national network is the U.S. 's Dynasty


( S ( NP-SBJ ( NP ( DT A ) ( NN poll ) ) ( PP ( IN of ) ( NP ( NNP South ) ( NNPS Koreans ) ) ) ) ( VP ( VBD showed ) ( NP ( NP ( JJ overwhelming ) ( NN opposition ) ) ( PP ( TO to ) ( NP ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB curb ) ( NP ( NN dog-meat ) ( NN consumption ) ) ( SBAR-PRP ( RB just ) ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ offends ) ( NP ( NNS foreigners ) ) ) ) ) ) ) ) ) ) ) ) )

A poll of South Koreans showed overwhelming opposition to efforts to curb dog-meat consumption just because it offends foreigners


( S ( NP-SBJ ( NNP Karstadt ) ( NNP AG ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ domestic ) ( NN group ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 4.6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

Karstadt AG said sales for its domestic group rose 4.6 % in the first nine months of 1989 from a year earlier


( S ( NP-SBJ ( DT The ) ( ADJP ( JJ West ) ( JJ German ) ) ( VBG retailing ) ( NN group ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS results ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ first ) ( CD three ) ( NNS quarters ) ) ) ) ( VP ( VBP suggest ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB meet ) ( NP ( NP ( PRP$ its ) ( NN profit ) ( NN goal ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

The West German retailing group also said that the results of the first three quarters suggest it will meet its profit goal for the year


( S ( S-TPC-2 ( NP-SBJ ( NP ( NNS Earnings ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN department-store ) ( NN division ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ generates ) ( NP ( NP ( DT the ) ( NN bulk ) ) ( PP ( IN of ) ( NP ( NN profit ) ) ) ) ) ) ) ) ) ) ( VP ( MD should ) ( VP ( VB remain ) ( ADJP-PRD ( ADVP ( IN at ) ( JJS least ) ) ( JJ stable ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-3 ( NP ( NN income ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN mail-order ) ( CC and ) ( NN tourism ) ( NNS units ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB fall ) ( ADVP-MNR ( RB slightly ) ) ( PP-DIR ( IN from ) ( NP-TMP ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Earnings at the department-store division which generates the bulk of profit should remain at least stable while income at the mail-order and tourism units is likely to fall slightly from 1988 the company said


( S ( NP-SBJ ( NNP Karstadt ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB give ) ( NP ( NP ( DT any ) ( NX ( NX ( NN group ) ( NNS sales ) ) ( CC or ) ( NX ( NN profit ) ( NNS figures ) ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ) ) ) ) )

Karstadt did n't give any group sales or profit figures for the first nine months


( S ( NP-SBJ ( NP ( DT A ) ( JJ two-day ) ( NN meeting ) ) ( PP ( IN of ) ( NP ( NP ( NNS representatives ) ) ( PP ( IN of ) ( NP ( NP ( NNP Cocom ) ) ( NP ( NP ( DT the ) ( JJ 17-nation ) ( NN group ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ oversees ) ( NP ( NP ( NNS exports ) ) ( PP ( IN of ) ( NP ( JJ sensitive ) ( NNS goods ) ) ) ( PP ( TO to ) ( NP ( NN communist ) ( NNS countries ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB take ) ( NP ( NP ( DT any ) ( JJ substantive ) ( NNS decisions ) ) ( PP ( IN on ) ( S-NOM ( VP ( VBG trimming ) ( NP ( NP ( DT the ) ( NN list ) ) ( PP ( IN of ) ( NP ( NP ( NNS items ) ) ( PP-LOC ( IN under ) ( NP ( NNS controls ) ) ) ) ) ) ) ) ) ) ) ) )

A two-day meeting of representatives of Cocom the 17-nation group that oversees exports of sensitive goods to communist countries did n't take any substantive decisions on trimming the list of items under controls


( SINV ( CC Nor ) ( VBD did ) ( NP-SBJ ( PRP it ) ) ( VP ( VB ease ) ( NP ( NP ( NNS restrictions ) ) ( PP ( IN on ) ( NP ( NP ( NNS exports ) ) ( PP ( TO to ) ( NP ( NNP Poland ) ( CC and ) ( NNP Hungary ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNP U.S. ) ( NNS officials ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD attended ) ( NP ( DT the ) ( NNS talks ) ) ) ) ) ) ) ) ) )

Nor did it ease restrictions on exports to Poland and Hungary according to U.S. officials who attended the talks


( S ( NP-SBJ ( DT The ) ( NNP U.S. ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( PP-PRD ( IN under ) ( NP ( NP ( NN pressure ) ) ( PP ( IN from ) ( NP ( NP ( JJ several ) ( NNP Cocom ) ( NNS members ) ) ( ADVP ( RB especially ) ) ( NP ( NP ( NNP France ) ) ( NP ( NNP West ) ( NNP Germany ) ) ( CC and ) ( NP ( NNP Italy ) ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB ease ) ( NP ( NP ( NNS restrictions ) ) ( PP ( IN on ) ( NP ( NP ( DT some ) ( NNS types ) ) ( PP ( IN of ) ( NP ( NP ( NN machine ) ( NNS tools ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( DT those ) ( NNS countries ) ) ( VP ( VBD argued ) ( SBAR ( S ( VP ( VBD were ) ( ADVP-TMP ( RB now ) ) ( ADJP-PRD ( RB widely ) ( JJ available ) ( PP ( TO to ) ( NP ( NNP East ) ( NNP Bloc ) ( NNS countries ) ) ) ( PP ( IN from ) ( NP ( JJ non-Cocom ) ( NNS members ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The U.S. had been under pressure from several Cocom members especially France West Germany and Italy to ease restrictions on some types of machine tools which those countries argued were now widely available to East Bloc countries from non-Cocom members


( S ( PP-TMP ( IN For ) ( NP ( JJ several ) ( NNS years ) ) ) ( NP-SBJ ( DT some ) ( JJ European ) ( NNS countries ) ) ( VP ( VBP have ) ( VP ( VBN complained ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ outdated ) ( NNP Cocom ) ( NNS lists ) ( CC and ) ( NNS restrictions ) ) ( VP ( VBD served ) ( ADVP-CLR ( ADVP ( RBR more ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB hamper ) ( NP ( PRP$ their ) ( NN trade ) ) ) ) ) ( SBAR-1 ( IN than ) ( S ( VP ( TO to ) ( VP ( VB add ) ( PP-CLR ( TO to ) ( NP ( JJ Western ) ( NN security ) ) ) ) ) ) ) ) ) ) ) ) )

For several years some European countries have complained that outdated Cocom lists and restrictions served more to hamper their trade than to add to Western security


( S ( NP-SBJ ( DT Some ) ( NNS countries ) ) ( ADVP ( RB also ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG pressing ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ special ) ( NN treatment ) ) ( PP ( IN for ) ( NP ( NNP Hungary ) ( CC and ) ( NNP Poland ) ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP move ) ( PP-DIR ( IN toward ) ( NP ( RBR more ) ( JJ democratic ) ( NN rule ) ) ) ) ) ) ( SBAR ( RB just ) ( IN as ) ( S ( NP-SBJ-1 ( NP ( JJ special ) ( NN treatment ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN agreed ) ( PRT ( RP on ) ) ( PP-2 ( IN for ) ( NP ( NNP China ) ) ) ) ) ) ) ) ) ) ) )

Some countries also have been pressing for special treatment for Hungary and Poland as they move toward more democratic rule just as special treatment had been agreed on for China


( S ( CC But ) ( NP-SBJ ( NNP U.S. ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS representatives ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN meeting ) ) ) ) ( VP ( VBD decided ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT this ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN matter ) ) ( PP ( IN for ) ( NP ( NP ( JJ further ) ( NN discussion ) ) ( PP-LOC ( IN at ) ( NP ( JJ future ) ( NNS meetings ) ) ) ) ) ) ) ) ) ) ) ) ) )

But U.S. officials said representatives at the meeting decided that this was a matter for further discussion at future meetings


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( PRP us ) ) ( PRN ( NP ( NNP Cocom ) ( NNS members ) ) ) ) ) ) ( VP ( VBP look ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hungary ) ( CC and ) ( NNP Poland ) ) ) ) ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( JJ positive ) ( NN way ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT a ) ( NN question ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN scope ) ) ) ) ( VP ( VBZ deserves ) ( NP ( JJ further ) ( NN discussion ) ( CC and ) ( NN study ) ) ) ) ) ) ) )

They added that all of us Cocom members look at the changes in Hungary and Poland in a positive way but a question of this scope deserves further discussion and study


( S ( NP-SBJ ( DT The ) ( NNS officials ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN meeting ) ) ( VP ( VBD agreed ) ( S ( VP ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( VBG treating ) ( NP ( NNP China ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ special ) ( NN case ) ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( DT the ) ( JJ recent ) ( NN repression ) ) ( PP ( IN of ) ( NP ( NN dissent ) ) ) ( ADVP-LOC ( RB there ) ) ) ) ) ) ( CC but ) ( VP ( TO to ) ( VP ( VB offer ) ( NP ( DT no ) ( JJ further ) ( NNS concessions ) ) ) ) ) ) ) ) ) ) )

The officials also said the meeting agreed to continue treating China as a special case despite the recent repression of dissent there but to offer no further concessions


( S ( NP-SBJ ( DT The ) ( NNP U.S. ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( IN despite ) ( NP ( NP ( DT the ) ( JJ rapid ) ( NNS changes ) ) ( PP ( IN under ) ( NP ( NN way ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Eastern ) ( NNP Europe ) ) ( CC and ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) ) ( NP-SBJ ( PDT all ) ( DT the ) ( NNP Cocom ) ( NNS members ) ) ( VP ( VBD agreed ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( VBG continuing ) ( NN need ) ) ( PP ( IN for ) ( NP ( NP ( DT this ) ( NN organization ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBN founded ) ( ADVP-TMP ( NP ( CD 40 ) ( NNS years ) ) ( IN ago ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Cold ) ( NNP War ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The U.S. officials said that despite the rapid changes under way in Eastern Europe and the Soviet Union all the Cocom members agreed on the continuing need for this organization which was founded 40 years ago at the start of the Cold War


( S ( NP-SBJ ( DT The ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( DT the ) ( NN meeting ) ) ( VP ( VBD agreed ) ( S ( VP ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( VBG working ) ( PP-CLR ( IN toward ) ( S-NOM ( VP ( VBG streamlining ) ( NP ( NP ( NNP Cocom ) ( POS 's ) ) ( VBN restricted ) ( NNS products ) ( NN list ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB improve ) ( NP ( NP ( NNS procedures ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG punishing ) ( NP ( NP ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN export ) ( NNS restrictions ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The officials said the meeting agreed to continue working toward streamlining Cocom 's restricted products list and to improve procedures for punishing companies that do n't comply with the export restrictions


( S ( NP-SBJ ( DT The ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ ( DT this ) ( NN meeting ) ) ( VP ( VBD put ) ( PP-PUT ( IN in ) ( NP ( NN motion ) ) ) ( NP ( NP ( JJ procedural ) ( NNS steps ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB speed ) ( PRT ( RP up ) ) ( NP ( NP ( DT both ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS functions ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT no ) ( JJ specific ) ( NNS decisions ) ) ) ( VP ( VBD were ) ( VP ( VBN taken ) ( PP-3 ( IN on ) ( NP ( DT either ) ( NN matter ) ) ) ) ) ) ) ) ) )

The officials said this meeting put in motion procedural steps that would speed up both of these functions but that no specific decisions were taken on either matter


( S ( NP-SBJ ( NP ( NNP Weisfield ) ( POS 's ) ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NP ( JJ preliminary ) ( NNS discussions ) ) ( PP ( VBG regarding ) ( NP ( NP ( DT the ) ( JJ possible ) ( NN sale ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) )

Weisfield 's Inc. said it is in preliminary discussions regarding the possible sale of the company


( S ( NP-SBJ ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ retail ) ( NN jeweler ) ) ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( MD would ) ( VP ( VB provide ) ( NP ( JJR more ) ( NNS details ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB reach ) ( NP ( DT a ) ( JJ definitive ) ( NN agreement ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) )

A spokesman for the retail jeweler said the company would provide more details today and that it expects to reach a definitive agreement by the end of the week


( S ( PP-LOC ( IN In ) ( NP ( JJ over-the-counter ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( NNP Weisfield ) ( POS 's ) ) ( VP ( VBD gained ) ( NP ( CD 9.50 ) ) ( PP-DIR ( TO to ) ( NP ( CD 39 ) ) ) ) )

In over-the-counter trading Friday Weisfield 's gained 9.50 to 39


( S ( PP-LOC ( IN At ) ( NP ( DT that ) ( NN price ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ has ) ( NP ( NP ( DT an ) ( VBN indicated ) ( NN value ) ) ( PP ( IN of ) ( NP ( QP ( CD 42.9 ) ( CD million ) ) ) ) ) ) )

At that price the company has an indicated value of 42.9 million


( S ( NP-SBJ ( NNP Weisfield ) ( POS 's ) ) ( VP ( VBD had ) ( NP ( NP ( QP ( IN about ) ( CD 1.1 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP July ) ( CD 31 ) ) ) ) ) )

Weisfield 's had about 1.1 million shares outstanding as of July 31


( S ( NP-SBJ-1 ( DT The ) ( NN stock ) ) ( VP ( VBD gained ) ( NP ( CD 2.75 ) ) ( NP-TMP ( NNP Thursday ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( ADJP ( JJ then-52 ) ( NN week ) ) ( JJ high ) ) ) ) ) ) ) )

The stock gained 2.75 Thursday to close at a then-52 week high


( S ( NP-SBJ ( NP ( NP ( NNP Unisys ) ( NNP Corp. ) ( POS 's ) ) ( NN announcement ) ) ( NP-TMP ( NNP Friday ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( CD 648.2 ) ( CD million ) ) ( NN loss ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ( VP ( VBD showed ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG moving ) ( ADVP-MNR ( ADVP ( RB even ) ( RBR faster ) ) ( SBAR ( IN than ) ( S ( VP ( VBN expected ) ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VP ( VB take ) ( NP-CLR ( NNS write-offs ) ) ( PP-CLR ( IN on ) ( NP ( PRP$ its ) ( JJ various ) ( NNS problems ) ) ) ) ( CC and ) ( VP ( VB prepare ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN turnaround ) ) ( NP-TMP ( IN next ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) )

Unisys Corp. 's announcement Friday of a 648.2 million loss for the third quarter showed that the company is moving even faster than expected to take write-offs on its various problems and prepare for a turnaround next year


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( NN sheer ) ( NN size ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN loss ) ) ) ) ( VP ( VBN coupled ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN slowing ) ) ( PP ( IN of ) ( NP ( NNS orders ) ) ) ) ) ) ) ( VP ( VBD made ) ( S ( NP-SBJ ( DT some ) ( NNS securities ) ( NNS analysts ) ) ( VP ( VB wonder ) ( SBAR ( WHADJP-1 ( RB just ) ( WRB how ) ( JJ strong ) ) ( S ( NP-SBJ ( DT that ) ( NN turnaround ) ) ( VP ( MD will ) ( VP ( VB be ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN computer ) ( NN maker ) ( CC and ) ( NNS defense-electronics ) ( NN concern ) ) ) ) ) ) ) ) ) ) )

At the same time the sheer size of the loss coupled with a slowing of orders made some securities analysts wonder just how strong that turnaround will be at the computer maker and defense-electronics concern


( S ( NP-SBJ-1 ( NNP Unisys ) ) ( VP ( VBZ is ) ( VP ( VBG getting ) ( VP ( VBN clobbered ) ) ) ) )

Unisys is getting clobbered


( SINV ( S-TPC-2 ( VP ( ADVP ( RB Just ) ) ( VBN clobbered ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Ulric ) ( NNP Weil ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Weil ) ( CC & ) ( NNPS Associates ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( ADVP-TMP ( RB once ) ) ( VP ( VBN been ) ( ADJP-PRD ( JJ high ) ( PP ( IN on ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) )

Just clobbered said Ulric Weil an analyst at Weil & Associates who had once been high on the company


( S ( S ( NP-SBJ ( DT The ) ( NN quarter ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ terrible ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN future ) ) ( VP ( VBZ looks ) ( ADJP-PRD ( NN anything ) ( CC but ) ( VBG encouraging ) ) ) ) )

The quarter was terrible and the future looks anything but encouraging


( S ( NP-SBJ ( NP ( NNP Unisys ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN revenue ) ) ( S ( VP ( VBD inched ) ( ADVP-DIR ( RB up ) ) ( NP-EXT ( CD 3.7 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.35 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.27 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN quarter ) ) ) ) ) ) ) ) ( VP ( VBD had ) ( NP ( NP ( DT an ) ( NN operating ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 30 ) ( CD million ) ) ) ) ) ) )

Unisys whose revenue inched up 3.7 % in the quarter to 2.35 billion from 2.27 billion in the year-earlier quarter had an operating loss of about 30 million


( S ( PP ( IN On ) ( NP ( NP ( NN top ) ) ( PP ( IN of ) ( NP ( DT that ) ) ) ) ) ( NP-SBJ ( DT the ) ( NAC-LOC ( NNP Blue ) ( NNP Bell ) ( NNP Pa. ) ) ( NN concern ) ) ( VP ( VBD took ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 230 ) ( CD million ) ) ) ( NN charge ) ) ( ADJP ( VBN related ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS layoffs ) ) ( PP ( IN of ) ( NP ( CD 8,000 ) ( NNS employees ) ) ) ) ) ) ) ) )

On top of that the Blue Bell Pa. concern took a 230 million charge related to the layoffs of 8,000 employees


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ is ) ( PP-PRD ( IN at ) ( NP ( NP ( DT the ) ( JJ high ) ( NN end ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN range ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 7,000 ) ( TO to ) ( CD 8,000 ) ) ( NNS employees ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( NNP Unisys ) ) ( VP ( VBD said ) ( ADVP-TMP ( NP ( DT a ) ( NN month ) ) ( IN ago ) ) ( SBAR ( S ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN laid ) ( PRT ( IN off ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That is at the high end of the range of 7,000 to 8,000 employees that Unisys said a month ago would be laid off


( S ( NP-SBJ ( NNP Unisys ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( MD should ) ( VP ( VB help ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VB save ) ( NP ( NP ( NP ( QP ( CD 500 ) ( CD million ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ( PP ( IN in ) ( NP ( NNS costs ) ) ) ( PP-LOC ( ADVP ( RB again ) ) ( IN at ) ( NP ( NP ( DT the ) ( JJ high ) ( NN end ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADVP ( RB previously ) ( VBN reported ) ) ( NN range ) ) ( PP ( IN of ) ( NP ( QP ( CD 400 ) ( CD million ) ( TO to ) ( CD 500 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Unisys said that should help it save 500 million a year in costs again at the high end of the previously reported range of 400 million to 500 million


( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( ADVP ( RB also ) ) ( VP ( VBD took ) ( NP ( NP ( DT a ) ( NN write-off ) ) ( PP ( IN of ) ( NP ( QP ( CD 150 ) ( CD million ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NP ( NNS losses ) ) ( PP-LOC ( IN on ) ( NP ( DT some ) ( JJ fixed-price ) ( NN defense ) ( NNS contracts ) ) ) ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT some ) ( JJ new ) ( NNS managers ) ) ( VP ( VBD took ) ( NP ( NP ( DT a ) ( JJ hard ) ( NN look ) ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( NNS prospects ) ) ( PP ( IN for ) ( NP ( DT that ) ( JJ slow-growing ) ( NN business ) ) ) ) ) ) ) ) ) ) )

The company also took a write-off of 150 million to cover losses on some fixed-price defense contracts as some new managers took a hard look at the prospects for that slow-growing business


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ-1 ( NNP Unisys ) ) ( VP ( VBD set ) ( PRT ( RP up ) ) ( NP ( NP ( DT an ) ( JJ unspecified ) ( NN reserve ) ) ( PRN ( ADVP ( RB apparently ) ) ( NP ( QP ( CD 60 ) ( CD million ) ( TO to ) ( CD 70 ) ( CD million ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NP ( DT the ) ( JJ minimum ) ( NN amount ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( DT the ) ( NN government ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( PRP$ its ) ( NN involvement ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN defense-procurement ) ( NN scandal ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In addition Unisys set up an unspecified reserve apparently 60 million to 70 million to cover the minimum amount it will have to pay the government because of its involvement in the defense-procurement scandal


( S ( NP-SBJ ( NNP Unisys ) ) ( ADVP ( RB also ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD paid ) ( NP ( NP ( QP ( CD 78.8 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS taxes ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN quarter ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( NN tax ) ( NNS payments ) ) ( ADVP ( RB normally ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ minimal ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT a ) ( NN quarter ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD produced ) ( NP ( PDT such ) ( DT a ) ( JJ big ) ( NN loss ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Unisys also noted that it paid 78.8 million in taxes during the quarter even though tax payments normally would be minimal in a quarter that produced such a big loss


( S ( NP-SBJ ( DT The ) ( NN tax ) ( NNS payments ) ) ( VP ( MD will ) ( VP ( VB leave ) ( NP ( NNP Unisys ) ) ( PP-CLR ( IN with ) ( NP ( NP ( QP ( CD 225 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN loss ) ( NNS carry-forwards ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB cut ) ( NP ( NN tax ) ( NNS payments ) ) ( PP-TMP ( IN in ) ( NP ( JJ future ) ( NNS quarters ) ) ) ) ) ) ) ) ) ) ) ) ) )

The tax payments will leave Unisys with 225 million in loss carry-forwards that will cut tax payments in future quarters


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNP Unisys ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD reduced ) ( NP ( NN computer ) ( NNS inventories ) ) ( NP-EXT ( DT a ) ( JJ further ) ( QP ( CD 100 ) ( CD million ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN quarter ) ) ) ( S-ADV ( VP ( VBG leaving ) ( S ( NP-SBJ ( PRP it ) ) ( PP-PRD-LOC ( IN within ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN goal ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN reduction ) ) ( PP ( IN of ) ( NP ( QP ( CD 500 ) ( CD million ) ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In addition Unisys said it reduced computer inventories a further 100 million during the quarter leaving it within 100 million of its goal of a reduction of 500 million by the end of the year


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( NNP Unisys ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( JJ European ) ( NN business ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ weak ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN quarter ) ) ) ( NP-ADV ( NP ( DT a ) ( JJ worrisome ) ( NN sign ) ) ( PP ( VBN given ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN relied ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ solid ) ( NNS results ) ) ( ADVP-LOC ( JJ overseas ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB overcome ) ( NP ( NP ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( JJ several ) ( NNS quarters ) ) ) ) ) ) ) ) ) ) ) ) ) )

Still Unisys said its European business was weak during the quarter a worrisome sign given that the company has relied on solid results overseas to overcome weakness in the U.S. over the past several quarters


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( ADVP ( RB also ) ) ( VP ( VBD reported ) ( NP ( NP ( JJR slower ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT another ) ( JJ important ) ( NN business ) ) ( NP ( NP ( NNS systems ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP use ) ( NP ( DT the ) ( NNP Unix ) ( VBG operating ) ( NN system ) ) ) ) ) ) ) ) ) ) )

The company also reported slower growth in another important business systems that use the Unix operating system


( S ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ huge ) ( NN problem ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBD were ) ( S ( VP ( TO to ) ( VP ( VB continue ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NNP Unisys ) ) ( VP ( VBZ is ) ( VP ( VBG betting ) ( NP ( PRP$ its ) ( NN business ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN assumption ) ( SBAR ( IN that ) ( S ( NP-SBJ-4 ( NNS customers ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB move ) ( UCP-DIR ( ADVP-DIR ( RB away ) ( PP ( IN from ) ( S-NOM ( VP ( VBG using ) ( NP ( NP ( VBG operating ) ( NNS systems ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP run ) ( PP-LOC ( IN on ) ( NP ( NP ( RB only ) ( CD one ) ( NN manufacturer ) ( POS 's ) ) ( NN equipment ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( PP-DIR ( IN toward ) ( NP ( NP ( NP ( NNS systems ) ) ( PRN ( NP ( ADVP ( RB mainly ) ) ( NNP Unix ) ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP work ) ( PP-LOC ( IN on ) ( NP ( NP ( RB almost ) ( NN anyone ) ( POS 's ) ) ( NNS machines ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That would be a huge problem if it were to continue because Unisys is betting its business on the assumption that customers want to move away from using operating systems that run on only one manufacturer 's equipment and toward systems mainly Unix that work on almost anyone 's machines


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNP Unisys ) ) ( VP ( MD must ) ( VP ( VB deal ) ( PP-CLR ( IN with ) ( NP ( PRP$ its ) ( ADJP ( RB increasingly ) ( JJ oppressive ) ) ( NN debt ) ( NN load ) ) ) ) ) )

In addition Unisys must deal with its increasingly oppressive debt load


( S ( NP-SBJ ( NN Debt ) ) ( VP ( VBZ has ) ( VP ( VBN risen ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( IN around ) ( CD 4 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( QP ( IN about ) ( CD 50 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ total ) ( NN capitalization ) ) ) ) ) ) ) ) )

Debt has risen to around 4 billion or about 50 % of total capitalization


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ means ) ( SBAR ( S ( NP-SBJ ( NNP Unisys ) ) ( VP ( MD must ) ( VP ( VB pay ) ( NP ( NP ( QP ( IN about ) ( CD 100 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN interest ) ) ) ) ( NP-TMP ( DT every ) ( NN quarter ) ) ( PP ( IN on ) ( NP ( NP ( NN top ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 27 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS dividends ) ) ( PP ( IN on ) ( NP ( JJ preferred ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That means Unisys must pay about 100 million in interest every quarter on top of 27 million in dividends on preferred stock