Word: marketeers
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Dates: during 1960-1969
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...survive the ordeal. Explaining lamely that he was the son of a poor immigrant in New York's East Side, the portly, elegantly tailored Senator blurted: "I had to eat starch when I was growing up." They booed him. Javits asked if there was a black market in stamps. The audience roared with laughter. Catherine Jermany snapped: "They ain't worth nobody spending time to hustle...
...most disenchanted of Egyptians are the educated, the middle class, the few merchants who have survived the socialist regime, and the middle-to upper-level government employees. They have the pay packets to travel and to buy their luxuries on the black market. But they cannot get uncensored news, and miss "most of all an open society," as one said last week. They freely complain that their life was better in the long-gone days of King Farouk, blame Nasser for dragging them into a war in Yemen that was none of Egypt's concern, and were for the first...
MOST of the speculative money that flooded into West Germany last week came from a volatile and increasingly powerful segment of the world's financial apparatus: the Eurodollar market. That market is a curious byproduct of two decades of U.S. balance of payments deficits. Eurodollars are nothing more than U.S. dollars on deposit in private banks abroad. The pool was organized in the late 1950s by London bankers who sensed that if they could marshal the billions of dollars already overseas, they could lend them out at a substantial profit. Business has been brisk ever since...
Today the Eurodollar market has expanded into a wholesale operation on a global scale. It involves roughly 500 banks in 40 countries. The banks accept deposits (minimum: $25,000) and arrange loans (usually from $100,000 up) among one another and with their customers over a telephone and Telex network. Fed most years by continuing U.S. payments deficits, the pool of money has grown geometrically from $8 billion in 1964 to $16 billion in 1967 to $27 billion at the end of April...
...Eurodollar amounts to a new and highly controversial form of international currency. Last week in Strasbourg, Vice President Raymond Barre of the Common Market warned the European Parliament that Eurodollars have become "one of our continent's top-priority problems...