Word: borrowers
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Dates: during 1930-1939
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...that the Reserve Board changed last winter, upping margins from 45% to 55% (TIME, Feb. 3). The other formula was not only complicated but obsolete, since the majority of stocks have long since pushed through the upper limit of the anti-pyramid zone it created, again enabling marketeers to borrow and buy more stocks with their paper profits...
Debtor Board. In personnel the Reserve Board that took office last week differs from all former boards. For the first time in history it is predominantly a debtor board, representing people who borrow money rather than lend it. Though the influence of big Eastern bankers upon Reserve Board policy has been largely exaggerated, previous boards have tended to think of U. S. economic life in terms of the banking system. The new Board will think of the banking system in terms of U. S. economic life...
Having cut reserves by one or both of these means, Chairman Eccles could then apply the final brake-upping of the rediscount rate. At present this action would be ineffectual, for banks do not need to borrow from the Reserve. The weakest link in this brake chain is the fact that selling of the Reserve's Government bonds would be flatly contrary to Treasury policy so long as there are huge budget deficits to be financed...
Again according to the simple reasoning of New Dealers, there seems to be some trouble among farmers. They do not make enough money. Why not tax somebody, or borrow from somebody and rectify these low incomes? Not that the victims of the Processing Taxes are exactly rolling in wealth...
...single foreigner owns a Venezuelan government bond and her money is the soundest in the world. Venezuela claims to have the finest highway system in Latin America, built entirely since 1912 and largely by the forced labor of political prisoners. Farmers pay no land taxes at all and may borrow up to 50% of the value of their land from a government farm bank. Caracas has been rebuilt. School attendance has been upped 300%. There is little or no unemployment...