Word: gold
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Dates: during 1950-1959
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...burst of inflation, he feared, would shake foreign confidence in the pound, and bring a new drain on the nation's gold reserve. In his drive to control credit, Mack the Knife has raised the government's rate on bank loans to 5½%, the highest level since 1932 Depression days, and twice the discount rate of the Federal Reserve Bank of New York...
Inching, Pinching. At the moment, the government's credit squeeze has leveled off last year's frightening import rise, narrowed the trade gap to a monthly $45 million, and restored gold reserves. But with retail prices up ten points over last year, it has not stopped inflation. Last week the inching, pinching process of deflation brought violence and strikes to Britain's smoke-stained Midlands...
Today Britain is committed to giving Nigeria - like the nearby Gold Coast -independence within the Commonwealth as soon as Nigerian self-government proves workable. The chief obstacle is present ed by the Nigerians themselves. The largest (pop. 32 million) of British colo nies, Nigeria is divided among three mutu ally hostile peoples : the tough Hausa tribesmen of the Moslem north, the town-dwelling Yorubas of the southwest, and the aggressive, hard-driving Ibo farmers of the east. Each region now has its own semi-autonomous government. Britain would like them to federate with a strong central government. The only Nigerians...
...hero of a new Greek legend, is Stavros Spyros Niarchos, 47, world's biggest independent shipowner. The legend of Niarchos, fondly referred to in the world's press as the "Golden Greek," is a blurred montage of shipboard launching parties, at which he bestows diamond bracelets and gold Faberge cigarette boxes on the beautiful and highborn women (e.g., the Duchess of Kent) who christen his ships, repartee in the royal enclosure at Ascot, champagne flowing like home brut in the nightclubs of London and Paris. Unlike most legends, it is woven from whole fact...
Niarchos put up $250,000 to keep it intact for the Louvre. On his visits to Greece, Niarchos hands out gold sovereigns on the streets of Athens like a rich man's John D. Rockefeller. Some of his more offhand gestures have included chartering a steamship for a royalty-only romp in 1954 chaperoned by Greece's Queen Frederika. Niarchos obligingly provided another steamer last summer so that Elsa Maxwell could take an all-star supporting cast (Olivia de Havilland, Aly Khan, the Duke and Duchess of Argyll) on a Mediterranean junket while Niarchos cruised the other...