Word: loans
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Dates: during 1950-1959
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Almost every year for 35 years, Soviet workers have had from two weeks' to a month's pay deducted from their wages in exchange for state loan certificates. Since World War II the state has tried to popularize these forced loans by holding quarterly lotteries in which the owners of lucky-numbered loan certificates collect prizes of from 200 to 50,000 rubles. But the cost of redeeming earlier loans, plus prize money, now absorbs 35% of the amount collected. Complained Khrushchev: "This year we shall have to pay out about 16 billion rubles; next year, 18 billion...
Khrushchev did not expect the West to believe that Soviet workers would gladly accept the loss of a theoretical 260 billion rubles on outstanding loans. Grunted Nikita: "Comrades, the capitalist-that shopkeeper who would slaughter his own father for a half-percent interest-will never believe that you consent to this of your own free will. He will read about it in the papers and say they have intimidated the workers and peasants." And in fact there were two reasons why the Soviet worker might not be wholly displeased with the state pig passed to him by Khrushchev...
What really hurt was a revelation of how poorly the public understands the function of banks. About 50% thought that a commercial bank was solely for "businessmen," some 34% could not define a mutual savings bank, and 40% believed that savings and loan associations were banks. As a result, suggested Banker Eaton, the big push by U.S. bankers to get people to save (TIME, Feb. 4) may be helping the savings and loan associations as much as it helps the banks...
John U. Monro '34, University Director of Financial Aid, reported that several undergradulates had applied for loans under the Higher Education Loan Plan of Massachusetts...
...mortgage was a cause of long bitterness between the two men. Webster's wife and two daughters forced him to live far beyond his meager means, and he had borrowed heavily from Parkman, the largest loan coming in 1847, when he had mortgaged all his personal property for a loan of $2000. Included in the property listing was Webster's fine collection of minerals. The next year, still in need of money, he approached Parkman's son-in-law, Shaw, and offered to sell him the collection for $1200. Shaw had no use for a mineral collection, and told Webster...