Word: crediteer
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Dates: during 1930-1939
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...government control, and will get just that before long, if it continues to withhold its support from the government bond market. It has excluded Morganthau, the President's chief fiscal officer, from its meetings, apparently with the intention of following an independent "we-know-better" policy of deposit contraction (credit deflation) to offset whatever attempts the President may make to finance the Recovery Act with government bonds. Happy the fate of these self-appointed Watchers Over the President if through obstinate resistance to the administration they bring about direct government control of the Federal Reserve System as the first step...
...they sell bonds, the cash positions of member banks are weakened, and these member banks become correspondingly less willing to lend money, to create deposits against government bonds or anything else. And the depression in the bond market, which results is what people mean by a destruction of government credit...
...unreasoning to suppose that the President knows what he is doing in the matter of gold buying. For he knows that the cry of terror about the government's credit is meaningless in view of the ever present possibility of forcing the sale of an unlimited quantity of bonds to the Federal Reserve Banks at par. And perhaps he only pretends that he expects to raise prices by buying gold, that he even expects or wants to raise prices at all. A good way of convincing foreign countries that the gold buying policy is not intended "artificially" to stimulate American...
...Whether or not such an affair will have the overwhelming support of the undergraduate body that is promised, and whether or not the spectators will attend from curiosity or enthusiasm remains to be seen. Whatever the result may be, however, the instigators will undoubtedly take their share of the credit should the team win the next day, and a precedent may automatically be established...
...Sprague. Our hope lies in the efficiency with which Dr. Sprague and his followers can force their way to dominance at Washington, and with a money bug Congress in the offing, that movement cannot be too quickly begun. Until the Tuesday statement of the Federal Reserve banks shows that credit is leaving the stagnant stage, the bankers will be an obstacle to industrial recovery. And they will not leave that stagnation, and pledge themselves and their depositors to the lending of money until they have solid assurance that the administration intends to give them a debt dollar worth as much...