Word: bankes
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Dates: during 1970-1979
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...Brandt-Kreisky proposal calls for some Israeli withdrawal from each section of the occupied territories (Sinai, the Golan Heights, the West Bank and Gaza), with the exact location of peace boundaries to be determined in negotiations. Other points: demilitarization where necessary in the territories to be surrendered, Israel's right to unspecified security measures, and the right of Palestinians to participate in negotiations that would determine their political future...
...that he stepped into is as tough as any in Washington. The Federal Reserve is a kind of bankers' bank: it regulates commercial banks that account for more than 70% of all bank deposits, holds the funds that they are required to keep on reserve, clears checks for them. But its most important functions are to determine the supply of money and the level of interest rates?and no questions touch off more disagreement in American policymaking. If the Federal Reserve is not condemned by the AFL-CIO's George Meany for causing unemployment by being too stingy...
...tuning a color TV set while wearing boxing gloves. The Federal Reserve controls money by the indirect method of buying or selling Government securities. When it buys, it creates money out of thin air; it pays with its own checks, which the sellers?individuals and corporations?deposit in their bank accounts. The checks become new money, available to be loaned out. When the Fed sells Government securities, it withdraws money from circulation; the buyers pay with checks that disappear into Federal Reserve vaults, never more to be seen. The less money that banks have to lend, the higher interest rates...
Besides determining the nation's money supply and, indirectly, interest rates, the Federal Reserve is also a kind of superbank. It lends money to member commercial banks, audits their books, writes the rules under which they operate. It can approve or disapprove mergers between banks, or tell a bank whether it can open a new branch in London. The Federal Reserve enforces ten laws enacted to protect borrowers, and wrote the rules that banks must follow to make sure that women can get loans as easily...
...they still have influence. Next to Miller on the current board, J. (for John) Charles Partee, a former head of the Fed staff and wise student of the economy, has the most clout. Henry Wallich, a former Yale professor, is the board's contact man with foreign central banks. A refugee from Germany, he lived through insane inflation there in the 1920s; he likes to tell of the day that his mother handed him a billion-mark bill so that he could buy a ticket to a swimming pool. Stephen S. Gardner, a former chairman of Philadelphia...