Word: debt
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Dates: during 1950-1959
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...Frenchmen took special pride in paying off $200 million on a debt to the International Monetary Fund ahead of schedule, piled up their first trade surplus with the U.S. in 60 years, and grew so confident that one Belgian banker remarked: "The French no longer have an inferiority complex growing out of their defeat in the war and their economic troubles. In fact, they have just the opposite...
...France's Economic Planner Jacques Rueff: "I want to open the windows and let in some air." Even the bankers are loosening up: medium-term credits for business are on the rise, consumer credit is climbing fast. Britain removed its credit restrictions in late 1958 and watched consumer debt jump 50% in 1959; France had no credit to speak of ten years ago, now counts more than $400 million. Another symbol of the changing approach to banking: Belgium's Bank of Brussels installed a drive-in window for depositors...
...appliance industry-8% for clothes dryers, 10% for refrigerators. Moreover, plant and equipment expenditures will rise from $34 billion in 1959 to a rate of $40 billion in the fourth quarter of 1960. With all the booming good business, the Government hopes for good news on the budget debt: a surplus of $2 billion in the fiscal year starting July...
...when Erlander's Finance Minister submitted his new budget, reiterating Erlander's promise not to raise taxes, he did not explain how the government could cover its expected $490 million budget deficit without an inflationary increase in Sweden's soaring national debt (up from $2.4 billion in 1951 to $3.8 billion in 1958). Committed to a $90 million increase in welfare benefits (to $876 million) and unwilling to cut the $540 million for defense, Erlander had to abandon his tax-free dream. To the Riksdag he proposed a most unsocialistic solution: a 4% turnover (sales...
Kerr, a partner in the Chicago investment house of Bacon, Whipple & Co., told the bankers that those "who know the invariable wisdom of balanced budgets, of stable money and of sound debt management must be moved to use every means to convince the people of this country that their standard of living and the freedom of their daily lives are at stake...