Word: bank
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Dates: during 1960-1969
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...darkest days. Under his determined guidance, a 550-acre site near town was bought for $10 an acre as an "industrial development park." Not long after, the Pennsylvania state legislature passed a law providing loans to towns that could scrape up outright contributions from townspeople-as well as bank loans-to attract new industry. Dessen got a local organization going to get the money, dubbed it CAN DO, then spent three weeks trying to dream up some words to fit the initials. Finally he came up with the coherent if colorless label, "Community Area New Development Organization...
...into shape. Under Union Boss Lechin, mine employment soared from 19,000 to 29,000; by 1960 the mines were losing $10 million a year, and only aid from the U.S. kept the industry going. A year later, Paz signed an agreement with the U.S., the Inter-American Development Bank and West Germany for $38 million to modernize the mines, promising in return to lop 6,000 men from the payrolls. Lechin and his miners threatened civil war. But Paz had enough political strength to ride out the storm. By last week 2,400 miners had been laid off; others...
...economies of the Western nations have been steadily drawn together since the end of World War II by such devices as the World Bank, the International Monetary Fund, the Common Market and countless little meetings among world bankers. Last week, as 130 bankers from 14 nations assembled in Vienna's baroque Palais Schwarzenberg for the annual international conference of the American Bankers Association, some major signs of discord and conflict came to the surface. Said one top U.S. economic policymaker: "There's a tendency to see the divisive factors in the Atlantic alliance as strictly political. Actually, some...
...wrestling with persistent inflation, and the U.S. is fighting a pernicious international payments imbalance and gold outflow. These two problems captured the attention of the meeting, which included almost everybody who is anybody among the world's money managers-from IMF Managing Director Pierre-Paul Schweitzer and Deutsche Bank Chief Hermann Abs to Morgan Guaranty Chairman Henry C. Alexander and the U.S.'s Gardner Ackley, a member of the President's Council of Economic Advisers. The more they talked, the more obvious became their conflicting goals. Nearly every important measure that Europeans take to check inflation tends...
Higher interest rates, which have the effect of curbing demand, are the main weapon that Europeans are using against inflation. Already this year, the central banks of Britain, West Germany and Switzerland have increased rates; last week delegates in Vienna predicted further boosts before long by Britain, Italy and The Netherlands. Europe's high and rising rates tempt many big bank depositors-including some oil-rich Middle Eastern sheiks and Latin American strongmen-to shift their funds from the U.S. to Europe. Though U.S. Treasury Secretary Douglas Dillon reported that "U.S. international payments so far this year have been...