Word: imponderableâ
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This ideal operation of the Glass-Steagall bill is squarely based on an old and familiar imponderable???public confidence. The measure's sponsors, however, have concluded that it takes something more real and concrete to restore public confidence than words and promises. Therefore they have armed the Federal Reserve with a new club so enormous as to batter down the worst popular fears. This club consists of an authorization to issue a potential $2.500,000,000 in new currency. Possibly the club may never be taken from the shelf for actual swinging; possibly banks can be stabilized without...
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