Word: fund
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Dates: during 1950-1959
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Surging Confidence. This sobering set of facts adds up to something close to a world crisis, as President Eisenhower made clear last week in a speech to the 68-nation World Bank and International Monetary Fund. "In all our lands," said the President, "there is a surging confidence that steady economic growth can be a reality-that the good things of life can be made available in a growing stream to all our peoples." But to achieve this aim, nations must foster stability as well as growth, i.e., they must combat the "worldwide phenomenon" of inflation...
Continuing Vigil. To some economists last week it seemed that inflation in the U.S. was just about licked. Noting declines in industrial expansion rates and stock-market prices in the U.S., Sweden's Per Jacobsson, managing director of the International Monetary Fund, told the World Bank-IMF conference that the U.S. "has arrested its inflation" (see BUSINESS). And Harvard Economics Professor Sumner H. Slichter, a "limited inflationist," noted critically that in putting "stability ahead of growth," the Eisenhower Administration had made "the most important economic decision since the Roosevelt Administration decided to aid workers in bargaining with employers...
...faculty salaries; e.g., Reed's full professors average only $7,500 v. the $10,293 average pay of their counterparts at the state-owned University of Oregon. But Reed's hard-put faculty members had some cheering news last week: an anonymous benefactor gave Reed an endowment fund worth some $400,000 that will be used solely to raise salaries. The new gift boosted Reed's take in the last 16 months to $1,200,000, a 64% rise in its endowment...
...Washington's Sheraton-Park Hotel, 68 member nations of the International Monetary Fund met last week to grapple with what Xenophon Zolotas, governor of the Bank of Greece, wryly termed "numismatic plethora." The inflated phrase aptly described the basic cause of inflation-a common crisis of too much money and too few goods. Not even the Greeks had a word for the cure. Yet all knew that the fund's work in stabilizing currencies by strategic loans was one of the free world's most powerful weapons...
...Uppermost in our minds" were three "haunting questions" posed by Swedish Economist Per Jacobsson, the fund's managing director. The problems: 1) Is it possible to halt inflation in a world so anxious for expansion? 2) Can the ravenous capital appetites of underdeveloped countries be appeased without further inflation (see below)? 3) How can world currencies, undermined by inflation, be stabilized...