Word: crediteers
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Dates: during 1930-1939
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Most of the credit for recent progress must go to President Conant and two of its educational innovations. The American History Plan is designed to promote an integrated conception of the civilization which America as a whole has produced. Still more important is the National Scholarship Plan, which brings to Harvard prime academic products of the South, Middle West, and Far West. Its benefits are twofold: it increases the scope of Harvard's services to the country, and its strengthens college life by contacts with new and varied points of view. President Conant has laid down an excellent highway...
...message was simply: "Viewed from every angle today's purchasing power-the citizen's income of today-is not sufficient to drive the economic system at higher speed." Thus the program itself was founded on the old pump-priming theory with five billions in cash and credit to do the trick. By various bits of legal and financial legerdemain the net cost to the taxpayer was described hopefully as a mere billion and a half. According to the President this would provide him with the "three rounds" of ammunition needed to down Depression...
Round No. 2 amounted to an about face in the Treasury's recent credit policies, which helped bring on the Depression. A year ago when Government's prime concern was not Depression but a runaway boom, the Federal Reserve Board boosted bank reserve requirements. This cut down the total of potential credit in the form of excess bank reserves and made money a little more expensive to borrow. Last week the President told Congress it was now time to lower reserve requirements-which the Reserve Board did forthwith. Net effect of lowering reserve requirements was to increase excess...
...President also announced a reversal of the Treasury's gold sterilization policy. By this policy the Treasury has been buying gold and putting it in cold storage instead of allowing it to enter the credit system. It now has $1,400,000,000 of sterilized gold-gold which it will now remonetize. This will eventually give the Treasury $1,400,000,000 in cash. When this gold is spent-as gold certificates deposited to the Government's account in Federal Reserve Banks-it will add an equivalent amount to the nation's credit base. The unused part...
...Foreign Minister Georges Bonnet meanwhile had the French Chargé d'Affaires in Rome sign a treaty re-establishing interrupted Italo-French credit relations, then cast about for the right Frenchman to send as Ambassador to the King of Italy and Emperor of Ethiopia. This would mean recognition by France of the Empire carved out by Il Duce...