Word: crediteer
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Dates: during 1930-1939
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...Government ruthlessly cut expenses, lived within its income. To this necessity they subordinated foreign debts, tariffs, jobless relief, railroads, public works and the large variety of panaceas put forward by more imaginative but less substantial citizens. Bernard Mannes Baruch had sounded the keynote the opening day: "Put Federal credit beyond peradventure of a doubt. . . . No nation ever dared to incur deficits as large as ours. The suspicion is growing that we do not really intend to balance the budget...
...pockets. People were chary of giving small bills for big ones. By the time the moratorium was modified after two days to permit withdrawals up to 5% of deposits, the scarcity of money was acute. Even Governor-reject Brucker was forced to borrow $10. Newsboys had to sell on credit. In Midland, big Dow Chemical Co. coined magnesium into "Dowmetal money" with a specified value of 20?. The City of Detroit went into technical default, its bonds slumped badly. But Michigan stayed cheerful. It was considered funny to sing to your friends "Brother, Can You Spare a Dime...
...Soviet State last week, in return for delivery in Britain of 35,000,000 marks worth of Russian lumber. Other results will be the purchase of German bonds & real estate with previously blocked marks and the payment of such marks to tourists in Germany against letters of credit and travelers' checks...
...must exercise the utmost restraint regarding German acquisition of new foreign credit," said he. "Such borrowing must not take place, except as a service of finance or for genuine trade...
...first inter-House squash league standing was published three weeks ago, there have been many changes. Leadership in the A league passes from Lowell to Leverett, Leverett winning 36 matches against Lowell's 31. Eliot still retain the leadership of the B league with 30 matches to her credit but close behind are Adams and Lowell with 27. Lowell now leads in the C league, with a safe margin. In the D league Dunster has passed Leverett. League A Won Lost Leverett 36 14 Lowell 31 19 Kirkland 28 17 Eliot 21 24 Adams 17 28 Dunster 16 29 Winthrop...