Word: ifs
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Dates: during 1970-1979
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Attempts to impose further controls now seem inevitable. The Federal Reserve and West Germany's Bundesbank, which are leading the drive to put Eurocurrencies in leg irons, have already asked major countries to impose reserve requirements on foreign deposits with their banks, even if they are branches located outside...
Private bankers warn that attempts to regulate will fail. If Eurocurrency lending is regulated in London or Luxembourg, they say, it will only sail away to Singapore or Bahrain, where no controls are likely to be imposed. If the Federal Reserve restricts U.S. bank branches, borrowers will simply shift their...
If they simply borrowed, say, dollars in New York or pounds in London, they would be forced to pay stiffer rates than for Eurocurrencies.
The Reserve Board insists that it puts little emphasis on weekly figures, which have always been subject to revision. But investors may logically wonder how the Fed can smoothly control money if its economists cannot be sure-within several billions-what the supply is from week to week.
Fighting a rearguard action against the money funds, many bankers trumpet that their deposits are guaranteed by the Federal Deposit Insurance Corporation, and that money market funds are riskier. There is a slight risk, but since the funds are put largely into top bank and corporate securities, a number of...