Word: borrower
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Dates: during 1960-1969
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Originally a means of communication between kitchen and customer, the menu has become marinated, garnished, overstuffed, embosomed with verbiage and necklaced with adjectives. It is now characterized, to borrow a phrase from the Forum of the Twelve Caesars in New York, by "a Rising Crown of Pate and Triumphal Laurel Wreath." In other words, it is meaningless...
...other, less tangible factors that have aided the German recovery. As the Bild Zeitung somewhat pompously observed last week in comparing the Federal Republic to France and Britain: "If we went on strikes and took breaks as often as the others, we too would have to go out and borrow, the only question being: From whom? If we had so suicidal a trade union system as the British, our mark would be just as tuberculous as the pound. If we had as many unsolved social problems as the French, then we would have as much unrest...
...binding upon its 111 member nations, is a proviso that no country may devalue its currency without IMF permission. In practice, the IMF allows devaluation only when economic misfortune (almost always inflation) strips a currency of its hitherto established value. Barring devaluation, every IMF nation must buy, sell or borrow foreign currencies-in practical terms, dollars-in sufficient quantity to keep its own money within 1% of its declared worth...
...Bank, a semigovernmental institution that marshals local funds and directs them to new projects. In its biggest project so far, the resources bank helped the Australian backers of the Mount Newman iron mines raise development money. Now some federal officials would like to establish a similar organization that would borrow funds outside Australia on behalf of Australian investment. For his part, Gorton has so far not taken threatened legislative steps to provide for larger local investments. For the moment, the government is merely stressing strongly to outsiders that "some local participation both in ownership and management" would be "prudent...
...happens if the Faculty does end up with its much dreaded deficit. Under Harvard University's unusual financing plan (called "each tub on its own bottom" by University phrasemakers), the Faculty of Arts and Sciences, like each other department of the University, must balance its own budget. It may borrow from the University if it runs short one year, but whatever it borrows it must pay back. Long-term expenses, therefore, must be offset by tuition increases for each individual Faculty in order to keep the bottoms under the tubs...