Word: gresham
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Dates: during 1960-1969
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...will learn of the day's events in the nation and in the world." Such vast and unchecked power in the hands of a "small and unelected elite," the Vice President claimed, has served to distort traditional rhythms of "normality" -"our national search for internal peace and stability." Gresham's law, he said, "seems to be operating in the network news. Bad news drives out good. Concurrence can no longer compete with dissent. One minute of Eldridge Cleaver is worth ten minutes of Roy Wilkins...
Perhaps the best hope in dealing with the erotic explosion is that the crassest, most commercial panderers will be curbed by law; beyond this, in legitimate arts and entertainment, a public sense of taste?and humor?will act as the best censor and restore some balance. Gresham's law does not necessarily apply to literature, theater or cinema. The bad drives out the good only temporarily. The point has been made briefly: anything can be shown. Now perhaps the time has come to remember that not everything has to be shown...
...Temp recalls, Guidesters began writing to complain about the Gresham Hotel in Dublin, an alltime Fielding favorite. He collected their letters over a seven-month period, then sent photo copies to his old friend, Manager Toddie O'Sullivan. "I said, 'Toddie, I don't like this at all. Something must be wrong.' " Next, he dispatched Nancy on an inspection trip, then dropped the Gresham to No. 2 in Dublin, behind the Shelbourne. "We said we hoped it was only a temporary aberration," Fielding says. At first furious, O'Sullivan took a second look and decided that the Guide was right...
...must import large quantities of machinery and other producers' goods, they have chronic balance-of-payments difficulties and will demand more and more credit in the form of SDR's. For exactly the same reason they lack large reserves of dollars and particularly of gold. Fearing the operation of Gresham's Law (that the best currency drives out all others as a store of value) with gold being the most highly-prized form of reserves, they will press for the mandatory use of SDR's, with all other reserves being converted into SDR's at the then current rates...
...what of "reading" books? Here it seems that the most depressing of all laws-Gresham's, that bad money drives out the good-applies as mercilessly to good books as it does to funny money. The man who has sold the most novels is Erie Stanley Gardner-159 million copies of 125 titles. At least he is a highly competent mystery craftsman. The author who has sold the most in single-copy titles is the semiliterate fantasist of violence and squalor, Mickey Spillane, who has written seven novels that have never sold less than 4,000,000 copies apiece...