European Stars and Stripes (Newspaper) - December 17, 1991, Darmstadt, Hesse                                Tuesday december 17, 1991 the stars and stripes a Page 17 Mortey matter today s tip the Price of air travel is going up As airlines raise Leisure Tares but the Industry said it will Start reminding passengers that tax collectors also Are taking a healthy bite out of each ticket. American United Delta Northwest and us air said they would match a $20 fare increase initiated last week by Continental. The higher round trip fares will apply to Advance Purchase non refundable tickets popular with non business  rates London up mondays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at 1360.05 an ounce Sliver at $3.89. D Cut 13 dec-16 British Pound.1.8200 1.8220 German mark.1.5830 1.579$ French franc.5.4240 5.3930 dutch guilder.1.7820 1.7802 belgian franc.32.59 32.58 Kalian hra.1,196.90 1,193.00 Swiss franc.1.3975 1.3865 greek drachma.181.53 181.26 turkish lira.5,080.00 5,073.80 saudi arabian riyal.3.7495 3.7498 Spanish peseta.100.95 100.88 portuguese escudo.140.81 14052 Canadian dollar.1.1408 1.1413 austrian schilling.11.1425 11.1335 norwegian krone.6.2240 6.21 danish krone.6.1530 6.1450 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of British pounds to . Personnel for personal use. Through tuesday this will be $1.87 for a Pound based on a Price fixing monday afternoon at military banking  s valuables seized by agents Paradise Valley Ariz. Apr Federal agents took Stock of the Art furs jewelry furniture and other valuables in Charles Keatingjr a Home As part of a court order freezing his assets. Fri agents and Deputy . Marshals went to the Keating family compound saturday and inventoried the property owned by Keating and his wife Mary Elaine Keating. A . District judge in California fronce the assets on Friday saying it was necessary a because it appears Keating is attempting to Transfer property subject to forfeiture if he is found guilty of charges stemming from the 1989 collapse of his financial Empire. A 77-count indictment returned thursday by a Federal grand jury in los Angeles charged Keating with masterminding a racketeering scheme to plunder Lincoln savings and loan association through conspiracy and  wins of to Fly Detroit London route new York a Delta air lines has beaten Northwest airlines at least temporarily in a Battle for permission to Fly from Detroit to London on a route vacated when pan am died. Delta agreed to buy the Detroit London route As part of a Large package of assets picked up from pan am last fall for $460 million. Northwest argued that it has better Detroit operations. Bankruptcies soared in 80s due to localized recessions Chicago up although the 1980s generally were a time of economic expansion they were marked by localized economic shocks that produced a spate of personal bankruptcies the . Federal Reserve Bank of Chicago reports. In its december newsletter the fed said regional downturns often spilled Over to different sectors of the Economy. The situation was worsened by changes embodied in the bankruptcy Reform act of 1978, the fed said. A the fact that personal bankruptcy filings advanced also at the National level during this period attests to the severity of such localized recessions a the fed said. The fed said personal bankruptcy Fil Ings peaked at the Onset of the 1981-82 recession and then declined until 1985 when a 20 percent jump was recorded. The following year a 32 percent increase was recorded even though the civilian unemployment rate had fallen to the 7 percent level and the Economy was growing at an annual rate of 3.4 percent. However Between 1984 and 1986, Farmers experienced deep and prolonged financial problems and in 1986, depressed Oil prices took their toll on Oil producing areas. A these localized economic disturbances forced a number of firms in the affected sectors of the Economy to reduce both output and workers a the fed said. A was a result in 1986, the Economy a real growth slowed to 2.7 percent and employment in the goods producing sector fell by 300,000 jobs. A also although National civilian unemployment continued to fall unemployment rates in the states most affected by the localized economic downturns increased. Because personal bankruptcies Are sensitive to fluctuations in the unemployment rate and unemployment increased in the distressed states so did the number of bankruptcy  the fed said 12 percent of . Farms were considered distressed in 1985, the vast majority in the Corn Belt the great lakes states and the Plains. Bankruptcy filings were up 45 percent in Iowa 22 percent in Missouri 30 percent in North Dakota and Texas and 20 percent in South Dakota Kansas and Oklahoma. A Noffa Law May Cut social Security for . Workers applying next year by Mike Causey the Washington Post Washington a Federal workers applying for social Security next year at age 62 May have their monthly benefits reduced by As much As $194 because of the Windfall benefits act a Law most never hear of until they get a shrunken social Security Check. Most will get some kind of social Security Benefit based on private sector employment in a social Security covered Job before going into government while working for Uncle Sam or after leaving the government. But the 1983 Windfall Law Means Many workers wont get the full social Security payment they anticipated if they Lack 30 years of service in a social Security covered Job. The social Security Benefit consists of three Levels. The first level is subject to the Windfall reduction. This year the maximum reduction for such an individual applying for social Security is $183 per month. Next year the maximum reduction will be $194 a month. The average monthly social Security Benefit now is $602. Congress passed the Windfall Law to prevent workers from getting what it Felt were excessive benefits after paying Little into the social Security system. Unlike the civil service pension program which bases annuities on salary and length of service social Security has a welfare a a tilt designed to help people who had Short private sector careers of Low earnings during their working life. That tilt gives them a proportionally bigger return in benefits than someone who spent a foil career at High salaries in social Security covered jobs. The Windfall Law reduces but does no to eliminate an individuals earned social Security Benefit. It is different from the Public pension offset Law. The offset Law deals with a spousal or survivor Benefit under social Security. The Complex Windfall rules Are explained in social Security fact Sheet no. 2. It is called a pension from work not covered by social Security. Briefly the Windfall Law wont affect people who a have 30 or More years of substantial earnings under social Security. This year for example substantial earnings is defined As anything Over $9,900 per year. In 1992, that level will Rise to $10,350. A were hired by the government after dec. 31, 1983, and went into the fers pension program. A retired a or were eligible to retire a from the government before january 1986. On target at new location the Northrop corp s target production line is up and opera Hon in commitments to the . Navy the company shifted All tonal at a new location in Hawthorne calif., As result of a huge its missile and unmanned vehicle production from Newbury consolidation Effort with a target business backlog of $100 Mil Parle calif., to the Hawthorne site