Word: billions
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Dates: during 1970-1979
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...gauge the supply of money. The narrowest of these is a number that is known as M-1 and is the total of currency in circulation plus other immediately accessible funds in commercial bank checking accounts. As measured by M1, the U.S. money supply at present is about $380 billion. A broader yardstick is M2, which includes all of M-1 plus savings deposits, and shows a money supply of $935 billion...
Moreover, the definitions of money do not include a whole array of newfangled financing and banking techniques. These include money market mutual funds, which have grown from nothing seven years ago to more than $36 billion now. The funds put investor deposits into government and corporate securities that pay more than twice what is available in regular bank savings accounts; they also permit check writing against the investments, making the whole concept rather like super high-paying checking accounts. People are now putting money into these funds at the rate of $500 million a week...
...banks in 1929 had built up a pyramid of foreign debt. National City Bank judged that Peru had a "bad debt record, adverse moral and political risk, bad internal debt situation"-and then lent the country $90 million that was soon defaulted. Wall Street banks today have $48.7 billion in loans outstanding to Peru and other oil-poor developing countries. Consumers in the '20s had just discovered the installment plan and were plunging into debt to buy radios, refrigerators and that new Model A from Henry Ford. Their grandchildren now have "plastic money" in the form of credit cards...
...blue-chip stocks and bonds, few radiate so pure an azure as IBM's. Thus when the mammoth computer corporation decided to raise $1 billion, half of it in 25-year debentures, some Wall Street underwriters anticipated a field day. To be sure, interest rates were expected to go up another notch in late October, but by moving up the launching date two weeks, IBM and its principal underwriters, Salomon Brothers and Merrill Lynch, were confident that the timing was right. It was hideously wrong. The bond issue turned out to be perhaps the greatest underwriting fiasco in Wall...
From the Appalachians to the Rockies, the combines are churning through our land. Some of these $100,000 monsters can spew out $118,000 worth of soybeans in a day. The U.S. crops-the result of near perfect weather, rich land, technology and extraordinary enterprise-will be worth $61 billion this year (up 17% over last year's record of $52 billion...