Word: mcgarrah
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...this grey table lay fresh and crisp last week the second annual report of BIZ or Bank für Internationalen Zahlungsausgleich, famed in English as BIS (Bank for International Settlements), in French as Bri (Banque des Reglements International-). When he stood up to report, Manhattan Banker Gates W. McGarrah, President of BIZ was seen to have eased his substantial midriff by undoing as usual the two bottom buttons of his vest. What President McGarrah had to do was to report a notable BIZ success and issue to the world an ominous warning which he hoped would produce action...
...Thereupon German payments ceased and BIZ would have had to shut up shop had it been only or mainly the cash register of Reparations. Instead BIZ has never been busier than at present and is today the World Bank. In softly burring Scotch last week BIZ President McGarrah announced a BIZ profit of 15,182,819 Swiss francs ($2.930,000) or 4,000,000 Swiss francs ($772,000) more than last year...
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...