Word: centrality
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Dates: during 1960-1969
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...Travelers who often enter its musty lobby hoping to change their money find neither tellers nor vaults nor any cash at all. The B.I.S. keeps elsewhere its $1 billion gold hoard and $1.7 billion in other assets, for it is primarily a nerve center for its eight member central banks...
...world's intricate system of monetary cooperation, which has made possible the West's surge of prosperity since World War II, depends on trust and teamwork among central bankers. Perhaps more than any other institution, the B.I.S. helps knit such personal ties. In addition to the work sessions last week, there were teas, cocktail parties, receptions and dinners for delegates and their wives-and the traditional gourmet stag lunch at Basel's venerable Schützenhaus restaurant. "The B.I.S.," says Economist Robert Triffin, Yale's famed international monetary expert, "is partly a country club and partly...
Dutch Uncle. B.I.S. directors -among them central-bank governors from Britain, West Germany, France, Italy, The Netherlands, Belgium, Sweden Switzerland-confer monthly at Basel with emissaries from nonmembers U.S., Canada and Japan. That inner ring forms what financiers have dubbed "the Basel Club": eleven men whose banks control three-quarters of the world's gold and currency reserves. Originally set up in 1930 to handle reparations payments from World War I, the B.I.S. gained stature chiefly after the mid-'50s as European currency controls ended. From the regular meetings in Basel sprang such innovations as currency swaps...
...bank's annual report, largely written by U.S. Economist Milton Gilbert, not only commands enormous respect among moneymen but often talks like a Dutch uncle to errant governments. Last week, for example, it skewered the U.S. and West Germany for forcing central banks to do the dirty work in restraining inflationary 1966 economies. Rapping Washington for "the indecisive way" in which it dealt last year with the question of raising taxes, the report said: "There is nothing wrong with the 'new economics.' The trouble was the failure to act promptly and effectively...
...Litton's sales, which amounted to $1.2 billion last year. But the Greek venture could be a pilot for applying Litton's systems engineering to similar projects abroad. Already in the works: a deal with Lisbon for joint development of Alentejo, a region in central and southern Portugal. Says Litton Chairman Tex Thornton: "We're using Greece and Portugal as sort of guinea pigs...