Word: mcgarrah
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Dates: during 1930-1939
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Monetary Internationalism, Said Gates McGarrah, reviewing the Great Depression Year: "Events have shown to what extent our monetary systems, bott great and small, have become interdependent. Internationalism in monetary matters is now not merely a theory but an accomplished fact! The tidal wave of uncertainty and fear . originated in Austria, swept quickly through Hungary and Germany . . . flowed onward to Britain and the Scandinavian countries backwashing into the United States, and carried unusual demands on the American gold supply and credit system...
Capitalist International? In the past most bankers have been closely nationalistic. All look askance today upon the Socialist International and the Communist International. But sound conservative Gates McGarrah proceeded to prescribe for the world's fiscal ills last week three steps which amount to laying the corner stone of a Capitalist International. The prescribed steps...
...nations should scale down taritt walls and scrap import quotas which Mr McGarrah called "the new method of interfering with trading relations [which] has resulted, in many cases, in rendering the working of most favored-nation clauses and other provisions in commercial treaties practically inoperative...
...Exchange control . . ." earnestly warned Mr. McGarrah. "forces trade into a kind of straitjacket, leaving little or no room for the play of economic forces . . that normally tend to re-establish equilibrium...
...Inherent Power." Touching short-term credits, which he seemed to regard as one of the sorest spots in the entire Depression, Mr. McGarrah estimated such credits outstanding at the beginning of 1931 totaled 50 billion Swiss francs ($9,647,500,000) and that frightened lenders suddenly called home 30 billion Swiss francs ($5,788,500,000) of their short-term loans...