Word: eleusinian
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Dates: during 1950-1959
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Warns Bill Martin: "Inflation leads to deflation and costs people their jobs. Our biggest bugaboo is unemployment." Eleusinian Mysteries. To lay this bogey, Martin is vigorously wielding the potent weapons at his command. Although every man, woman and child...
...affected by what he does, few under stand how he does it. To most credit users the operations of the Fed are as incomprehensible as the Eleusinian mysteries. Basically, the Fed operates on three main fronts: ¶ One of the quickest and easiest ways of tightening credit is to hike the discount rate, the interest that the Federal Reserve charges member banks for short-term loans. This tends to raise commercial interest rates and discourage marginal borrowing. In the past 17 months the FRB has raised the discount rate six times, boosted it to the highest level (3%) since...