Word: eurodollar
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Dates: during 1980-1989
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...bankers in doubletalk." Like many other economic analysts, Malkin suspected for some time that a serious global debt problem was at hand but felt cautious about his suspicions. Not until a banker in Basel dropped his defenses over a beer and unambiguously warned him of the frailty of the Eurodollar market did Malkin decide to push ahead on the story...
Finally, Lekachman challenges the fourth element of Reaganomics: tight money. At best, he argues, such a monetarist approach to inflation is problematic: No one really knows what the money supply in, and it's also impossible to control the enormous supply available in Eurodollar markets. In any case, the Administration's Thatcherian approach to Federal Reserve Policy flies in the face of its expansionary tax cuts. Tight money keeps interest rates high, thwarting the heralded supply-side investment boom and eroding investor confidence. Meanwhile, the jittery rich--hardly the bold innovators of George Gilder's mythology--put their tax cuts...
...helps them compete more aggressively with foreign banks for international business. But while these offshore banks have permitted U.S. financial institutions to fight for foreign accounts, they have created a disadvantage for New York City as a world financial center. In recent years, London, The heart of the large Eurodollar market, has jumped ahead of New York City in many foreign banking operations...
...customers as bill paying by phone and computerized tellers in some of New York's busiest stores. A group of new executives was recruited to replace some of the about 600 who had been fired. Lackadaisical loan officers became aggressive, and in August Chase led the Eurodollar market by participating in 46 major syndicated loans totaling $1.7 billion...
...created, including the Saudi International Bank. Union des Banques Arabes et Franchises and the European Arab Bank. At the same time, Morgan Guaranty, Citibank and Chase Manhattan launched joint ventures with Middle East moneymen and began teaching scores of young Arabs complex arts like organizing loan syndicates on the Eurodollar market...