Word: banke
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Dates: during 1940-1949
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...European Recovery Program. For the 40 million Germans of Bizonia's eight states, General Lucius D, Clay, the U.S. commander, outlined a new form of economic government. The new government would have a two-house legislature, a six-member cabinet, a chief executive. It would have a central bank to issue currency and control credit. Its powers would be exercised through economic courts backed up by occupation armies. The goal: a beefing up of Bizonia's limping production. "These are proposals," said Clay, "not a dictate...
...natural level proved to be several steps lower: 3% bonds of 1966 (callable in 1961), for which the Bank had been paying 104½ to yield 2.60% steadied at 102 for a yield of 2.82%. Since government bonds are the backbone of much of the banks' credit, this meant that the price of money had gone up about one-fourth of 1%. In the long run, dearer money tightens credit and cheapens goods. But it would still be a long time before the Bank of Canada's tinkering with the price of bonds affected the price of cabbage...
However Brown, Sproul and Eccles may differ about the Board's (not Eccles') special Reserve plan [TIME, Dec. 22], there is no perceptible disagreement among us as to the relative insignificance, as an anti-inflationary measure, of increasing Federal Reserve Bank discount rates. Member banks do not like to borrow, and do not have to when they can get reserves via gold inflow or selling some of their holdings of Government securities...
...morning, as he set about trying to get back to LaGuardia Field, he made further discoveries: he could get no water (his electric pump was dead), no gasoline for his car (gas pumps were dead too), and no money for a railroad ticket because the local bank vault was operated by electricity...
...inflation. But it would not do so, even though the U.S. was handing out the cash to other nations to pay for the exports. ERP's exports would merely replace most of the exports which foreign nations could no longer afford. With ERP and loans from the World Bank and other sources, U.S. exports in 1948 might run only as high as $12 billion. But they would still be $3 billion under 1947, and the more ERP was shaved by Congress-and the more delay there was in passing it-the greater would be the drop...