Word: baseler
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Clubby and conservative, Swiss bankers have been increasingly irked by the aggressive marketing methods of U.S. banks that have flocked to their country and heavily tapped the local money market. Thus Swiss moneymen reacted with scarcely concealed delight when the Basel subsidiary of the United California Bank suspended operations, a victim of the costliest banking scandal in Swiss history. The losses of the U.S. affiliate so far have been estimated at $40 million. But as state-appointed auditors worked to unravel the tangled affair last week, there was every possibility that the deficit could grow even larger...
Last week, as moneymen from 50 countries gathered at the Bank for International Settlements in Basel, Switzerland, B.I.S. Chairman Jelle Zijlstra warned in unusually strong language that, by causing a world glut of dollars, the huge U.S. deficits "form the monetary breeding ground for a continuing international inflationary process." If worldwide inflation continues too long, he said, worldwide recession is "inescapable." The B.I.S. annual report added that it is "hard to discern how the U.S. authorities expect, by their own actions, to correct the balance of payments...
Last week, as 200 Swiss watch manufacturers gathered to introduce their new models at the Basel Trade Fair, the prime topic was how to handle the foreign challenge. Though sales of their Watches continue to grow at a rate of 6% annually and last year reached $521 million, the Swiss are understandably worried. Their exports have declined from 74% of the world total in 1966 to 72% last year, and well-financed, technologically advanced outsiders are eager to reach for more...
...lecturing at the University of Basel. The vacancies have been filled by Soviet-lining conservatives, including Vasil Bilák and Alois Indra, who won infamy last August as two members of the lone trio of Czechoslovaks who initially cooperated with the Russian invaders. The purges continue throughout the country, and more than 2,000 "control and revision" committees have been set up to oversee the ouster of lesser party officials and state bureaucrats whose liberal tendencies conflict with the policies of the new regime...
...Rhine is also one of the world's filthiest rivers. The crystalline waters that tumble from Alps near Reichenau, Switzerland, are choked with wastes by the time they pour into the North Sea, 820 miles away. At Basel, the Rhine picks up city sewage; the chemical industries near Mannheim dump acids, oils, phenols, ammonia, dyes, chlorine, sulphate, iron, copper, bleach, cadmium and formaldehyde into its waters; the coal mines near the confluence of the Ruhr disgorge calcium deposits and sludge; the steel mills of Cologne contribute iron dross, furnace slag, oils and fats. As a result, the Rhine...