Word: debt
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Dates: during 1950-1959
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...latest instalment on our political debt came two weeks ago with a rumpus which left pro-American Premier Razmara dead, the Anglo-Iranian Oil Company almost nationalized, and Iranian nationalism more rabid than ever. The United States policy of supporting any government that opposed Communism had backfired completely...
There are black sports in Pierian history; in 1925, a manager floated bonds to finance a transcontinental tour. This put the Pierian Orchestra, as it was called during the '20's, in debt until it became the Harvard University Orchestra...
...Quite apart from the fact that we have a huge national debt left over from World War II, a pay-as-you-go policy is vital in order to give every citizen a sense of real participation in the defense effort and at the same time to absorb some of the excess purchasing power which stimulates inflation," he added...
...nine years the Federal Reserve System has supported the price of government bonds by acting as a buyer of last resort. This served the Treasury, which wanted high prices and low interest rates so that the cost of the government debt would remain low. Another result of the sales to the Reserve System, however, was that member banks received reserve money in return, on which they could base even greater amounts of new credit. So long as this policy kept the interest rate low and bank reserves high, the Reserve was powerless to take strong action toward decreasing the money...
...vigorously pushing low-priced lines and reorganizing distribution, he increased monthly sales from $500,000 to $1,000,000, paid back the $600,000 he had borrowed from the bank in five months. He has his own rule for financing a new business: clean up the bank debt by the end of a year with profits from other companies...