Word: bancor
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Dates: during 1943-1943
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Since Britain's Lord Keynes and the U.S. Treasury's Harry D. White unveiled their international currency plans, many a U.S. banker has grumbled publicly & privately at the financial mumbo jumbo of "unitas" and "bancor" (TIME, April 5 et seq.). Almost to the last vice president they have pleaded for a simpler, more down-to-earth plan...
Therefore, he said, the common-sense thing to do is to set up, not a fictitious accounting unit such as "bancor" or "unitas," but a dollar-sterling standard, the exchange rate to be fixed by consultation between the two countries, and to be protected by an agreement to prevent competitive currency depreciation. To this standard, the nations of the world could then tie their currencies...
Over here in Australia, Lend-Lease-in-reverse is really Keynes' Bancor system working itself out quite effectively; at least, that is the way it appears to me. For example: America supplies Australia with materiel; Australia pays back by supplying the American forces with food. Does this balance out? Not yet, as munitions cost more than mutton...
From where are the wages and the profits to come? Same place they are coming now. I'll gladly pay $5 a week out of $50 weekly [rather] than work for $25 a week and unemployment taxes, only instead of gold-backed currency it will be Bancor-backed currency, Labor value being the source of all wealth anyhow-gold was just a means to represent this...
Last week the public caught a brief glimpse of the bankers' substitute idea in a critique of the bancor-unitas duet published in the July issue of Foreign Affairs, written by money-wise, respected John Henry Williams, 56, vice president of Federal Reserve Bank of New York and Dean of Harvard's Graduate School of Public Administration...