Word: marketeers
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Dates: during 1960-1969
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...couldn't believe that my husband had really made TIME magazine. You described him perfectly, from the 4 a.m. sweating to the discontent with his present, albeit successful, occupation. Despite a thriving practice in ophthalmology, he has decided to master the stock market. It's nice to be reassured that all this is very normal...
Socks & Mattresses. Telephone and telex lines to London, the world's largest gold market, were swamped as buy ers throughout Europe demanded gold, gold and more gold. More than 200 tons, or $220 million worth, changed hands on the London gold market in one day to establish a new single-day trading record. Where gold could be bought directly, mob scenes erupted and the price soared. Ten times the usual number of buyers jammed the gold pit in the cellar of the Paris Bourse, and fist fights broke out as the price on one day rose...
...Tier Price. Finally, the pressure grew so great that the U.S. refused to continue to feed gold to satisfy speculators' greed. In a telephoned message to British Chancellor of the Exchequer Roy Jenkins, the U.S. asked Britain to close the London gold market and shut off the flow from the Gold Pool. Prime Minister Harold Wilson hurried to Buckingham Palace for a midnight meeting with Queen Elizabeth, who declared a bank holiday in foreign-exchange trading. That shut off the Gold Pool's dealing, and money markets from Singapore to Lusaka followed suit. The Paris market alone stayed...
...other members of the Gold Pool would no longer sell gold to all takers at $35 an ounce. What would likely be decided in Washington was a "two-tier" pricing system for gold, by which the speculators would have to conduct their transactions in a free market (see BUSINESS). Without the U.S.'s willingness to buy back speculative hoards, their price just might prove in the end to be lower than many of the hoarders think...
Bravado dismissed, Schoenman explicates revolution. Phrases like "analysis" and "objective conditions" flow easily from his lips. "It's all quite simple," he explains patiently. United States "corporate capitalism" needs to exploit the raw materials of the underdeveloped world. "Soldiers only enforce the oppression--its basic agency is the world market," he says...