Word: money
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Dates: during 1950-1959
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President Sukarno apparently believes that a government that prints money can also take it away. Last week, faced by skyrocketing inflation that had already run the dollar value of the rupiah to 155 on the black market (against the official rate of 11.4 rupiahs to the dollar), Sukarno demanded action from his Finance Ministry...
...Overnight all 1,000-and 500-rupiah notes were arbitrarily cut to one-tenth of their value (though smaller bills were not changed); 90% of every bank deposit over 25,000 rupiahs was frozen, so that the money could be seized for obligatory long-term loans to the government, and banks were closed for two days to straighten out their accounts and report to the government. A new exchange rate of 45 rupiahs to the dollar was proclaimed. All this was done to the accompaniment of denunciations by Sukarno of "vulture capitalists." Added he: "Whoever scoops up wealth...
...heavy is total U.S. investment in Canada ($4.2 billion in the past five years) that it now equals almost half the gross national product. Canadians rejoice in the boom that the money brings-but they are increasingly uneasy about the implications. CAN WE SURVIVE u.s. INVESTMENT? asked a recent headline in Toronto's Financial Post, Canada's most influential business newspaper...
...continuing process of learning the subtle difficulties involved in giving away money, the U.S. got a lesson last week from Guatemala...
...Buddha-faced little man in a $285 suit, who solemnly told the 100-odd lawyers present: "I probably got more courtroom experience than any of you guys." Expounding on income tax, O'Brien advised the barristers that the only way to come out even is to "borrow money from your friends." As other West Coast lawyers snickered and A.B.A. big shots fumed, the word spread: Gagster Belli's tax expert was Mobster Mickey ("I'm rehabilitated") Cohen, whose courtroom experience includes hearing a judge sentence him to five years for income-tax evasion...