Word: funds
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Dates: during 1960-1969
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...taken its toll, natives have torn down ancient temples for their own needs; lately, road and airport engineers have joined in the destruction. The newest threat is the tourist invasion, bringing in its train unsupervised treasure hunting and souvenir collecting. Before it is too late, Father Sebastian pleads, a fund must be set up to uncover and restore the island's largely uninvestigated monuments. "Fully restored," says Tour Director Lars-Eric Lindblad, "Easter Island will equal anything in Egypt." Says Anthropologist Dr. William Mulloy, an associate of Father Sebastian's: "If some sort of control is not exercised...
...brain-racking compromise, 107 nations reached a historic agreement last week in Rio de Janeiro. They found a mutually satisfactory method for overhauling the free world's strained and out-of-date monetary system. Without dissent, finance ministers from the member countries of the powerful International Monetary Fund approved the cautiously controlled creation of what amounts to a new kind of international money-a combination of currency and credit that would supplement the gold, dollars and pounds that now bankroll world trade and investment...
Artificial Reserves. The new money goes by the awful label of S.D.R. (for "special drawing rights"). It will consist of wholly artificial reserves, set up as a separate fund on IMF's books and backed by lOUs in the currencies of participating countries. Nations will automatically be credited with S.D.R. in proportion to their regular IMF deposits, but only 30% of S.D.R. actually used need ever be repaid. The other 70% becomes a permanent increase in each country's liquid assets-"paper gold" that moneymen feel should some day become as coveted as the metal...
...Geneva has the French border village of Ferney-subsequently renamed Ferney-Voltaire-seen so much excitement. The current fuss is being caused by another refugee from Geneva, controversial Bernard Cornfeld, 40, an American expatriate who has built his eleven-year-old Investors Overseas Services into the largest mutual-fund sales organization outside the U.S. When Bernie Cornfeld decided to move his Swiss-based I.O.S. across the border eight months ago, wags mindful of the 18th century precedent started referring to the town as "Bernie-Voltaire...
Nest Eggs & Mattresses. For Cornfeld, that kind of sentiment has been conspicuously rare in recent months; he has made money far faster than friends. An Istanbul-born, Brooklyn-reared onetime social worker, he hit on the idea of selling mutual-fund shares to overseas G.I.s in the 1950s, soon started selling door to door to Europeans. Another successful item that he started peddling in 1962 was the Fund of Funds, consisting of shares of other mutual funds. Paying few taxes, Cornfeld's Panama-chartered I.O.S. employs 10,000 salesmen in over 100 countries, has expanded into a $250 million...