Word: billioned
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Dates: during 1950-1959
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...whose funds are available to shore up sagging national currencies in an emergency. Backing Ike's suggestions, the boards of governors of both Bank and Fund agreed unanimously to boost the contributions of all members. There was talk of doubling the Bank's $9.4 billion capitalization (increasing the U.S. contribution to more than $6 billion) and of a 50% increase in the IMF (the projected U.S. share: $4.1 billion...
...every schoolboy knows, it was wildly inflated credit that brought on the 1929 crash. When consumer credit rose to a record $44.8 billion at the end of 1957, many an economist wondered uneasily whether history would repeat itself. Would credit, which had helped speed the postwar boom, bring on and accelerate an economic downturn? Now that the recession is waning, the answer is in. The credit structure not only surprised the experts but showed strengthening timbers that no one ever suspected...
...picked up momentum in early '58, the fear was that installment buying would plummet and, with a wave of repossessions by finance companies, pull the economy down farther. Nothing like that occurred. Total U.S. consumer credit (including installment buying, charge accounts and personal loans) inched down to $43 billion in July, only 4% below its December high; installment debt, the biggest hunk of the total, dropped only 2.7%. Thus, credit continued to be a big support under the economy...
...remarkable way in which the U.S. consumer kept up his credit payments despite the recession contributed to economic stability. With a record total of $78.5 billion in savings accounts, he had a fat roll to draw on. With the resources at his command, plus unemployment compensation and other supplementary benefits, he kept up his credit payments while cutting back on new commitments. Says a Los Angeles banker: "The consumer is not as wild an individual as many thought. For the most part, he is serious about satisfying his obligations...
...back with some plain talk about speculation and Government bond policies. The U.S. Treasury, said Aubrey G. Lanston, president of Aubrey G. Lanston Inc., not only encouraged speculators to come into the market by tailoring its offerings to attract them, but would have been unable to sell $26.5 billion of recent middle and long-term securities without "a good dose of speculation...