Word: german
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Dates: during 1920-1929
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White-hot rage against the "Iron Man" flamed up in the French press last week, when Dr. Schacht as president of the German Reichsbank raised its discount rate from 6½% to 7½%. The inference drawn excitedly in Paris was that the Reichsbank w?s trying to give the impression that German finances are already overstrained and cannot bear even the present reparations burden...
Facts are that last January the Reichsbank lowered its rate from 7% to 63%, "for the purpose of stimulating German trade." That desideratum was not attained. Instead the attraction of abnormally high money rates in Manhattan and other foreign capitals operated to deplete seriously the Reichsbank's gold reserve. The only possible counter-move was to raise the rate last week, and in Manhattan it had been anticipated for some weeks that Dr. Schacht would, nay must, take this step.* In Paris, however, angry editors rose above common sense, charged that the lowering of the rate last January...
...Gibson's cue by voting to omit "trained reserves" from any plan for the general reduction of armaments which they may succeed in drafting. Since the Versailles treaty prohibits Germany from having any "trained reserves"?whereas the other Powers may now have as many as they please?the German delegation vehemently protested the Hoover concession, but to no purpose...
...Persia and the kings of Afghanistan, Egypt, Sweden and Spain all own Rolls-Royces, as do most prominent Indian Maharajas. After trying out a fleet of Packards on the awful roads and cobblestoned streets of Jugoslavia, King Alexander has just ordered two more. Tsar Boris of Bulgaria drives a German Mercedes...
...Ever in German hearts to sail...