Word: floated
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Dates: during 1950-1959
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...move was a temporary reversal of the hard-money policy in that it keeps interest rates from going any higher. Humphrey had a compelling reason to seek that. Right after he floated $1 billion worth of 3¼% bonds in April-the highest long-term rate in 20 years-all interest rates went up until the Treasury found itself paying far stiffer rates for short-term borrowings. Since then, a drop in tax receipts has proved that Harry Truman's budget overestimated the Government's income this year by $2.2 billion. Humphrey will have to raise $6 billion...
...Depression, when the New Deal wanted "cheap money" (i.e., low interest rate) the FRB lost much of its independence. To help the Treasury float each new issue of low interest bonds to finance mounting deficits, the Fed had to support the prices of all bonds by buying enough to keep them above...
...World War II, the FRB also had to peg bond prices to enable the Treasury to float the tremendous additional debt ($226,500,000,000) to finance the war. The issues were so huge that only banks, rather than individuals, could absorb most of them. This "monetized" the debt, for banks did not pay for the bonds outright. They simply created a deposit for the Government to draw checks against it. Receivers of these checks deposited them in their own bank accounts. From these increased deposits, the banks could lend about $5 for each $1 received. Thus credit, and inflation...
...stopped supporting Government bonds at a fixed level. Without pegs, bonds fell, and their yields (i.e., interest) automatically rose, causing a gradual rise in all interest rates. This was the first real tightening of money, but it only used half of the available tools, for the Treasury continued to float bonds at low interest...
...century chapel in Vallauris on the French Riviera. Picasso's War shows a team of horses pulling a hearse through seas of blood. Atop the carriage sits a monster with a pack full of corpses; his snorting horses trample the world's culture, and in his wake float evil, lobster-sized germs. At bottom, two suppliant hands show mankind's futile protest against the horrors of modern war. Standing alone is the Communist version of mankind's protector: a heroic Red peace partisan, with a peace dove shield. The other panel is Picasso's personal...