Word: eurodollars
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...years and $70 million in the making, the Globex system is a bid by the Chicago Mercantile Exchange and the Chicago Board of Trade to keep from losing yet another homegrown industry: futures trading. U.S. exchanges developed modern-day futures, including popular contracts based on Treasury bonds and the Eurodollar. By the late 1980s, however, copycat exchanges from Auckland to Zurich were able to establish their own futures markets by trading when Chicago was closed for the day. Last year the U.S. share of the worldwide futures business had slipped to about 50%, compared with more than...
...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...