Word: fortnights
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...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 1933 only last fortnight. (Conversely, by lowering the discount rate, as Martin did in the 1954 recession, the FRB makes it less expensive to borrow money.) ¶ An even faster-acting weapon is the FRB's $23 billion portfolio of marketable Treasury securities. To nip expanding credit, the FRB sells securities through its Open...
...fortnight ago, when E.O.K.A., the Greek Cypriot underground, offered to call off its campaign of terrorism (TIME, Aug. 27), the troubled island of Cyprus began to sense a degree of peace. British Governor Sir John Harding conceded that the E.O.K.A. truce offer might well represent "a chance for a fresh start" on Cyprus. And it might have, had the British risen to the occasion...
Until last fortnight there had been many incidents but no serious outbreaks on Israel's borders since U.N. Secretary General Dag Hammarskjold won his cease-fire last April. At that point, however, Hammarskjold, the usually quiet Swede, felt impelled to make a loud protest. He announced that he would demand that the Jordan government "punish the transgressors" who killed four Israeli bus passengers a few nights earlier. He had no sooner fired off his warning shot than another flare-up occurred on Israel's touchier border with Egypt...
Last year Latin America produced 885.7 million bbls. of crude, only 300 million less than the entire Middle East, and 88% of it came from a single country, Venezuela. Already the world's No. 1 oil-exporting country. Venezuela a fortnight ago officially confirmed reports (TIME, July 16) that it had granted new concessions in Lake Maracaibo, the country's first in eleven years. Last week the government announced another batch of concessions...
...after it started, Chicago's polio emergency (TIME, July 30) appeared to be slackening off. So far, said the U.S. Public Health Service, there have been 810 cases, of which 501 were paralytic. There have been 21 deaths. Even if the outbreak is brought under control in another fortnight, as doctors hope it will be, it still makes this the second worst polio year in Chicago's history (the worst: 1952). Only bright spot: not a single case of paralytic polio has cropped up among people who have received the full, three-shot Salk immunization...