Word: borrowable
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Dates: during 1960-1969
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Simple in Luxembourg. The major alternative is to borrow from European banks. But in Europe's limited markets, U.S. companies already have borrowed about as much as they can. Moreover, loans from European bankers are often tied to development within the country where money is borrowed. Bond money can be spent anywhere; Honeywell has earmarked its $20 million for operations in Britain, Germany, France and Holland. The best part of all is that bonds are tax-free if issued through specially chartered holding companies. Such companies are not hard to set up. The state of Delaware will charter...
...slicing wages and dumping workers, said Keynes, that would only reduce incomes and demand, and plunge production still deeper. If bankers responded to a fall-off in sayings by raising interest rates, that would not tempt penniless people to save more?but it would move hard-pressed industrialists to borrow less for capital investment. Yet Keynes did not despair of capitalism as so many other economists did. Said he: "The right remedy for the trade cycle is not to be found in abolishing booms and keeping us permanently in a semi-slump; but in abolishing slumps and thus keeping...
Least & Last. The effects of the Federal Reserve's move will seep into different sectors of the complex U.S. economy at varying speeds. Now that bankers must pay ½% more for the money that they borrow from the Federal Reserve System, they will pass that cost along first to their biggest customers: businessmen. Actually, many banks have already been collecting close to 5% by cutting down the number of those eligible for the prime rate; now they will tend to up that rate by another ½% to many of their customers. Since interest costs are tax deductible, few businessmen...
...discount rate is the interest rate charged by the 12 Federal Reserve banks to their member banks when they need to borrow in order to fulfill the loan requirements of their customers...
...Chemical Bank two weeks ago increased its rates on loans to finance companies from 4½% to 4¾%, other major banks followed. Last week the world's largest lender, California's Bank of America, said that it has been selectively increasing rates to many borrowers, and the Chase Manhattan announced that it will pare down the number of customers eligible for the prime rate. But borrowing will probably continue to increase, if only because businessmen are entering the Christmas buying season when they traditionally borrow enthusiastically to support inventories. Thus, whatever bankers do or the Administration says...