Word: bank
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Dates: during 1950-1959
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Washington was host this week to a vitally important meeting of creditors. Delegates from the U.S., Britain, West Germany, Canada and Japan gathered in a high-ceilinged conference room at World Bank headquarters to decide what they could do about Debtor India. It was a billion-dollar question...
...sent to Algeria. A towering, 35-year-old reserve lieutenant who held the Croix de guerre for World War II gallantry, Lieut. Dubos was bitterly resentful a year and a half ago when his call-up separated him from his wife, his three children, and a well-paid bank job in Paris. But the massacre of 302 Moslem villagers by the rebel Front de Libération Nationale in the isolated hamlet of Kasba Mechta (TIME, June 10, 1957) changed his mind. As the first French officer to arrive at Kasba Mechta after the massacre, Olivier Dubos was so deeply...
...three nations most plainly in need of the kind of help the new bank can offer are Bolivia, Paraguay and Chile. But Bolivia's President Hernan Siles Zuazo has been backing a stern anti-inflation program with everything from hunger strikes to threats to resign, and there are hopeful signs of recovery. Paraguay's President Alfredo Stroessner, reinaugurated last week, has stabilized the currency, balanced the budget and held the rise in cost of living to a low (for Paraguay) 1% per month. And Chile's President Carlos Ibanez has sacrificed his personal popularity to back tough...
...gross national product, hardly a harbinger of runaway inflation. The bothersome rise in the wage-price spiral will be slowed by several deflationary factors: widespread overcapacity in basic industries, a squeeze on profit margins, no recurrence of a labor shortage as working-age population rises. What the bank expects is a relatively stable growth pattern over the next five years, with prices rising a modest 1% or 2% each year. Any further acceleration in prices could be crimped politically by Government controls or higher taxes. "Thus," concludes Economist Reierson, "unless the U.S. adopts fiscal irresponsibility as a way of life...
...Federal Reserve Board last week demonstrated the kind of fiscal responsibility that Economist Reierson was talking about. Deciding that it was time once again to lean gently against the economic winds. FRB gave the San Francisco Reserve Bank permission to hike its discount rate from 1¾% to 2%, the first such credit-tightening boost in eight months. The other eleven Federal Reserve banks will probably follow suit soon, thus signaling that 1) the Fed agrees that the recession is over, and 2) it is on guard to make certain that the recovery proceeds in a sound, orderly fashion...