Word: centrals
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Dates: during 1920-1929
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...Harvard Dramatic Club has furnished the university with many escapes from the academic world. It has led us from Wild West Nebraska to Central Asia, from the most backward part of Mexico to the most advanced section of Hollywood. Except for a musical comedy, its more recent productions have been off-center to the border of insanity; the tortured hero of "Hassan" shared with the disillusioned Tolstoyan of "Flesta" in straining the sense of probability. After such a series of primitives, sometimes merry but always extravagant, we may well return to life as we know it or at latest...
...they had reached agreement in principle on the following attributes of the Bank for International Settlements (now begin ning to be called the "Young Bank"). Capital to be $100,000,000 as envisioned in the Young Plan. Board of Governors to comprise: first, six Governors ("Bix Six") representing the central banks of Britain, Belgium, France, Germany, Italy, Japan; second, two U. S. Governors ("Big Two") elected by the "Big Six"; third, six more Governors ("Little Six") each selected by one of the "Big Six" from his own country as a representative of local business, industry; fourth, it is envisioned that...
...bankers were agreed last week that the B. I. S. (Bank for International Settlements) shall not issue notes or create credits, shall merely transfer, distribute and mobilize existing credits. It will be a clearing house for Reparations, not an international bank of issue, not a competitor with the great central banks as some have feared. Consequently the B. I. S. will have only a small gold reserve, since the sole worth of a large reserve is to back notes or credits...
Veto. Also envisioned in the Young Plan was a veto proviso drafted last week at Baden-Baden to give the central bank of each nation power to limit or prevent any transaction of the B. I. S. in the country of the central bank in question or in its currency...
...Federal Reserve will, of course, enjoy this negative power in common with other central banks, though debarred by Washington from "entangling" positive potency...