Word: banksâ
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...praise Burns as an "able, outspoken and independent man" and agree with him that business profits should be going up faster. Federal Reserve officials, on their part, stressed that an increase last week in the discount rate?the interest rate on federal loans to banks???from 5%% to 6%, was not intended to defy the White House. The increase had been decided on before the Schultze statement was posted on the pressroom wall; it was only half as large as Wall Street had expected, and it only brings the discount rate closer to other interest rates that the board...
Already, the Nixon plan had made some solid gains. By far the most important was Japan's decision to float the yen on international currency markets (see BUSINESS). In addition, some banks???including New York's Chemical Bank and Atlanta's Trust Company of Georgia?reduced interest rates on consumer loans. Such rates are not governed by the Nixon program, but the Administration has applied strong pressure on bankers to freeze or lower them voluntarily...
Naturally Stalin assists the International. In his younger days the Dictator exploded bombs, arranged assassinations of Tsarist officials, robbed banks???all this to reduce the number of his Party's enemies, increase the amount of Party funds. Six times he was exiled, six times escaped. Lenin, in recognition of the young man's cold, keen, remorseless efficiency, nicknamed him "Steel...
...Messrs. X and Messrs. Y." Capital of the Bank will be $100,000,000. The share of Japan and the U. S. will not be subscribed by their central banks???as in the case of Britain, France, Italy and Belgium?but, according to Article Six, by "Messrs. X, acting in place of the Bank of Japan, and Messrs. Y of New York." Of course "the Messrs. Y" will be J. P. Morgan & Co. Thus without putting up a cent the Federal Reserve?traditionally in closest touch with the House of Morgan ?will have a major "phantom stake...
...gathered together in one all-inclusive organization. Thus far, however, One Big Union for the workers has been a soap-bubble blown from the soapbox. Indeed, it is the Radical's enemy, the Capitalist, who has recently been unifying, and to an extraordinary degree. Fewer and bigger banks??? fewer and bigger department stores? fewer and bigger soaps?it is in an Age of Merger that Industry lives today. The One Big Union may eventually arrive. But the One Big Business appears more definitely...