Word: defaulters
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Dates: during 1980-1989
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...this point, no clear alternative has yet emerged to challenge White's corrupt administration. So White and his machine could keep City Hall by default, effectively negating his opponents through shrewd politicking and brilliant media manipulation. But if a viable alternative does emerge, Boston will be poised to replay the Chicago scenario, as one of the six challengers-all of whom, of course, decry corruption and machine politics-will take over City Hall...
...world has now discovered the dangers inherent in the Federal Reserve Board's pursuit of tight-money policies. It is tragic to see 12 million Americans unemployed, thousands of U.S. companies in bankruptcy and hordes of Third World countries on the brink of default. No wonder John Maynard Keynes warned us to avoid high interest rates...
...swallowing an increasing percentage of export earnings. Though some of the biggest borrowers have owned up to their problems, other surprises could lie ahead. A combination of three or four medium-size countries' getting into difficulty at the same time could prove more troublesome than one large default...
...during discussions in Washington over oil prepayments, the Mexican delegation came close to walking out. Recalls a U.S. diplomat: "They balked at paying a service fee on the money. They said they were seeing imperialism in action and threatened to take the next plane home. That would have meant default." In the end, the U.S. conceded. During the Brazil operation, a New York banker roused Volcker out of his sleep one night to plead for a $500 million Federal Reserve contribution to that salvage attempt. Volcker came up with the money. In either case, there was no margin for failure...
...only factor that has kept Western bankers from calling a default is that large loans would have to be written off. "If Zaïre were serious about sorting out its debt, it could be done in a matter of years," says one creditor. Explains a Western diplomat: "The Zaïrians are not worried about being a basket case. The elite always do well regardless of who is putting up the money...