Word: money
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Dates: during 1960-1969
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Kleindienst's memo indicated that the main purpose of the exercise is to impress Congressmen, who each year are skeptical when the department tries to prove that it needs money to hire more lawyers. "The long-term effect, if time is accurately recorded," said Kleindienst, "will be a relief of individual pressure through provision of adequate personnel and resources to handle our work...
With the promise of trouble to come, money markets came under their worst speculative pressure since last November's currency crisis. In Paris, London and Zurich, the free-market price of gold climbed to all-time highs. It soared to $48.41 per oz. in Paris, compared with the official price of $35. Many people were lusting to buy gold, and practically no one was willing to sell. Frenchmen, historically distrustful of their own currency, defied monetary controls and smuggled suitcases full of francs into Switzerland and Belgium. There, they rushed to put their money into gold, Eurodollars and strong...
...Texas Democrat Wright Patman two weeks ago, was an expected but more than usually hyperbolic condemnation of William McChesney Martin. At each of his 18 yearly appearances before congressional committees, Martin has been routinely scourged for his chairmanship of the Federal Reserve Board, which Populist Patman blames for tight money and high interest rates. This year Patman has plenty of company. More critics than ever, ranging from academe to the new Administration, are taking aim at the nation's central bank...
...perfect fall guy. His Federal Reserve is one of Washington's most powerful but least understood agencies; it treasures its independence from President, political parties and pressure groups. Martin and the six other governors of the Federal Reserve manipulate the levers that control the nation's money supply and interest rates. Today, as a result of their actions, money is tight and costlier to borrow than at any time since the Civil War. To their distaste, bankers have to turn down customers seeking loans; businessmen have to put off some projects because credit is so expensive; brokers watch...
Most of the critics are directing their fire from grounds first staked out by Economist Milton Friedman, who contends that the nation's money supply should be expanded within a fairly steady range of 2% to 6% a year-just enough to match the "normal" pace of economic expansion (TIME, Jan. 10). To go above or below these limits, he says, is to invite inflation or deflation. The board in recent years has shifted radically and rapidly from tight money to easy money and back again, sometimes increasing the money supply at an annual rate...