Word: marketeers
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Dates: during 1960-1969
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...capital is scarcely available at any price, and great chunks of it are hard to come by in Europe. Last week the deficit-ridden U.S. Government had to pay the highest rates since the Civil War - 6.45% - to float $730 million in bonds (see BUSINESS). Double-A corporate bonds market for as much as 6.8%, twice as high as in 1955. On a $40,000 mortgage in Washington, D.C., the tag is 6.5%, plus a "discount" charge of two interest points ($800); in Los Angeles, it is 7% plus 1.5 points...
Lately, the long-term trend to capital tightness has been aggravated in the U.S. by the Government's large-scale bor rowings to finance its budget deficit. Through issues of securities and loans, the market generates about $70 billion in credit yearly. The Federal Government expects to borrow a phenomenal amount of that-about $22 billion in the fiscal year ending this June. Unless taxes are increased fairly soon and sharply, the Government will pull $17 billion more out of the capital market in the first six months of 1968 than in the first half of 1967. In consequence...
...important innovation, mothered out of necessity after the U.S. began curbing its money exports, is the big and free "Eurobond" market, which rallies currencies from many countries. Conceived and usually underwritten by Wall Street bankers, the bonds are floated for borrowers as diverse as South Africa's De Beers, France's state-run P.T.T. telecommunications monopoly, and U.S. subsidiaries abroad. They are sold to oil sheiks and other wealthy individuals, and reportedly, the United Nations pension fund and the Vatican. From almost nothing in 1963, the volume of these bonds rose to $2.1 billion last year, mostly...
...present international monetary system "inequitable" and "henceforth inapplicable." Its continuance, he maintained, would "condemn the free world to grave economic, social and political trials." De Gaulle's attitude was understandable. By committing themselves in Washington to the two-tier gold system, the five other members of the Common Market had handed France a remarkable rebuff. They not only flouted their partner's wishes, but did so without consultation...
...carried on the IMF's books as a separate fund and backed by pledges of contributions from IMF members in their own currencies. Nations would automatically participate in accordance with their regular IMF deposits; the U.S., for example, provides 24.59% of the fund's resources, the Common Market 17%. But only 30% of the issued SDKs would ever need to be repaid; the balance would become a permanent increase in each country's liquid assets. SDKs would exist only on the books of the IMF and its member nations. Only governments would be eligible to use them...