Word: billioned
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Dates: during 1950-1959
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...experience in the factories was distressingly clear proof that the government would have to raise an unthinkable $1 billion or $2 billion to build enough plants to industrialize the island. Without ado, Muñoz & Co. sold the government-owned plants to get capital for what Moscoso calls the "incentive and promotional approach," aimed at giving a "multiplier effect" to the government's investment. Instead of "permitting" (in the word of many a nationalist demagogue) the entry of outside capital, Puerto Rico resolved to dragoon or inveigle...
When Robert B. Anderson Jr. took over as Secretary of the Treasury about a year ago, the nation's finances were-as even retiring Secretary George M. Humphrey agreed-"in a mess." The Treasury had to refinance some $75 billion (28%) of the U.S. debt within a year, and the attrition -demands for cash-in refinancing operations had been running as high as an alarming 30%. Secretary Anderson set out to lengthen the average maturity of the federal debt, which had shrunk to 57 months, thus keep the Treasury from going to the market so often. He hoped...
Chain store sales last month rose sharply, were 5.1% better than 1957. Total sales for 44 big chains so far this year: $6.7 billion, 3.7% higher than last year...
Last week the Treasury announced that it had completed a $9.6 billion refinancing which stretched the average maturity of the federal debt from 58 months to 63 months. Holders of maturing securities gave the Treasury a pleasant surprise, swapped all but 3.7% of their holdings for two new Treasury issues. The Treasury had to pay out only $356 million in cash. It hopes now to stay out of the market until July, when it will refinance $11.5 billion that comes...
...made a permanent part of national policy, with broader presidential powers and a reconsideration of such hobbling provisions as escape clauses and peril points. To answer protectionists, the report points out that 4,500,000 U.S. workers depend directly on foreign trade, contribute to a trade surplus of $6 billion a year. While "it is unavoidable that some of our imports will compete with segments of domestic production . . . American industry is well able to meet such competition." Trade liberalization "will increase the competitive discipline that is a major safeguard against inflation...