Word: bank
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Dates: during 1950-1959
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...officials concerned with managing the U.S. economy both spoke up for the tight-money policy. Treasury Secretary Robert B. Anderson in a speech to the World Bank-IMF meeting noted that the U.S. is "gaining in the battle of inflation," but stressed "the continuing vigil we must keep to attain economic growth along with, and based on, sound money." Federal Reserve Chairman William McChesney Martin warned that nations yielding to inflation "will not have a higher standard of living but a lower...
...Washington's Sheraton-Park Hotel, 68 member nations of the International Monetary Fund met last week to grapple with what Xenophon Zolotas, governor of the Bank of Greece, wryly termed "numismatic plethora." The inflated phrase aptly described the basic cause of inflation-a common crisis of too much money and too few goods. Not even the Greeks had a word for the cure. Yet all knew that the fund's work in stabilizing currencies by strategic loans was one of the free world's most powerful weapons...
...left London. I repeat it now.'' One cogent reason was a stronger British trade surplus than expected, equivalent to $600 million in the year ended June 30, against previous official predictions of $350 million. Even at the risk of unemployment from the tightening of money by the Bank of England fortnight ago, said Thorneycroft, Britain will defend the proud pound. To add to her resources, she will draw down a $500 million credit from the U.S. Export-Import Bank, can also call on her $738.5 million stand-by credit from the Monetary Fund...
Cold-turkey talk, served up by World Bank President Eugene R. Black, was the main dish last week for finance ministers of the world's underdeveloped countries. Meeting in Washington at the International Monetary Fund, sister of the World Bank, they heard Black give a polite accounting of the bank's biggest ($332 million disbursed around the globe) year since the Marshall Plan era. But far less polite was Black's accounting of how some of the loans were used...
Bill of Complaint. Smarting under the criticism, 20 Latin American countries swiftly drew up a four-point petition counter-criticizing World Bank operations. They wanted 1) speedier loan consideration, 2) loan approval by their own governments rather than the bank, 3) loans in their own national currencies as well as foreign money, 4) granting of "general" loans, not just specific ones. A more telling complaint was added by Pakistan's M. A. Mozaffar: "The ratio of World Bank loans granted to the underdeveloped countries of Asia and the Middle East declined from...