Word: eurodollars
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Dates: during 1970-1979
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...Some Iranian economists fear that if oil prices fall, Iran will be short of cash to meet its commitments. Still, the Shah keeps shoveling out the money. Last week Iran agreed to loan $ 1.2 billion to Britain. By arranging a direct nation-to-nation loan and bypassing the commercial Eurodollar market where they had previously raised cash, the British indicated that they no longer consider banks capable of recycling the huge sums of petrodollars involved. If so, the only alternative would be for governments themselves to take over the job, probably through the kinds of deals that Bill Simon believes...
...enough to be a good hedge against skyrocketing inflation, and real estate holdings could be seized by Western governments. Instead, the Arabs have been putting most of their money into the shortest-term investments possible: U.S. Treasury bills, New York and London bank certificates of deposit, and Eurodollar bank accounts-many of them "call" accounts from which the money may be withdrawn instantly without advance notice. That is a form of recycling that does little good; banks are understandably reluctant to make long-term loans out of money that may be swiftly snatched away. Indeed, the Arab strategy carries...
...immediate peril is that a big rush from dollars into stronger currencies or gold could easily set off still another monetary crisis, one which would make Europe's brief speculative spree last May seem mild by comparison. Already there are enough dollars circulating in the Eurodollar market to empty out Fort Knox several times over. The deeper danger is that European governments will clamp stern controls on the international exchange of money-particularly on the inflow of dollars-and that the U.S. will put equally rigid controls on the import of goods. In Washington, there is much discussion...
...deposit coveted hard currency without encountering the burdensome exchange restrictions and withholding taxes on interest that they would meet at home. Now, however, a growing number of the dollars are traveling no farther than Singapore. There, U.S. bankers and local officials have created a Far Eastern version of the Eurodollar market-the $40 billion pool of U.S. money on deposit in private banks in Europe and loaned from there around the world...
...Asian dollar market is still too small to have caused U.S. officials headaches comparable to those created by the Eurodollar market. The latter has both drawn funds from and supplied money to the U.S. at times when Washington monetary authorities have found it highly inconvenient. In the U.S. there is some suspicion that many...