Word: crediteer
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Dates: during 1930-1939
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...stock crash had hardly died away be fore the political cry for more and cheaper money took its place. This cry increased as the value of the dollar climbed higher and higher against the value of goods. President Hoover bucked the demand for currency inflation by attempts at credit inflation, most of them unsuccessful...
These deflationary measures were only one-half of the comprehensive plan President Roosevelt had worked out to put the U. S. back on its feet. The other half called for a much-greater-than-Hoover program of credit expansion-the spending of billions of dollars in public works, mortgage refinancing, Tennessee Valley developments, etc., etc. If the President could once get that other half into operation, he believed that he could break the grip of deflation. Last week he was forging ahead with the expansive "inflationary" side of his big plan when he was suddenly stopped in his tracks...
...market operations on a grand scale. At the Treasury's order they will buy up to $3,000,000,000 worth of Federal securities and hold them for a specified time. Thus $3,000,000,000 in cash will pass along to the banks and presumably into commercial credit. But last year President Hoover tried the same method of credit inflation and failed to produce results. In three months the Federal Reserve bought $950,000,000 worth of "Governments," but their payments lodged in the banks and never got out to the country. Last week the governors...
Answer 2. The President still plans to try credit inflation by building public works out of his extraordinary budget. But whereas two weeks ago he did not call it inflation today he delights in calling it by that name. The theory is that when the time comes to control inflation the extraordinary budget can simply be cut out, which may not be as easy as it sounds. Then may come the supreme test of Mr. Roosevelt's character: whether he can resist demands for more inflation. One of his Democratic predecessors, Cleveland, stern of character, faced such a crisis...
...General Board had asked him to choose a successor to the late Rear Admiral William Adger Moffett as Chief of its Bureau of Aeronautics. He delighted Navy airmen by brushing the list aside, naming a man who has more than 400 hours at airplane controls to his credit. Tall, spare, keen-jawed Captain Ernest J. King, 54. father of six daughters and a son, qualified as a Naval Aviator (pilot) in 1927, has since successively commanded the Scouting Fleet's Aircraft Squadrons, been assistant chief of the Bureau of Aeronautics, commanded the Hampton Roads Naval Air Station, the aircraft...