Word: money
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Dates: during 1960-1969
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...world's largest collection of completed Ryders was stashed away for years (from 1929) in the storerooms and corridors of Washington's Smithsonian Institution. Seventeen of the 18 were the gift of a New Yorker named John Gellatly, an eccentric who had the wit to marry money and the eye to pick Ryder as the American painter who could hold his own with the Europeans. In a final exuberance, Gellatly gave his whole $5,000,000 collection to the Smithsonian, leaving himself and his second wife with only a $3,000-a-year annuity. When he died...
...towering iconoclast of U.S. economics, attracted just about as much ridicule as respect. A monetary theorist, the bald and somewhat cherubic University of Chicago professor maintains that the U.S. and many other major nations mismanage their economies. They do so, he argues, by manipulating taxes, federal spending and money supply-techniques that were formulated by Britain's John Maynard Keynes. "Keynesian economics doesn't work," says Friedman. "But nothing is harder for men than to face facts that threaten to undermine strongly held beliefs...
...repeatedly misused its two chief weapons against recessions and inflation: fiscal and monetary policies. He contends that the Keynesians rely too much on fiscal regulators-that is, on changes in taxes and federal spending. Consequently, they underrate the influence of monetary policy, notably changes in the quantity of money in circulation. Of all the economic tools at the Government's disposal, insists Friedman, the most important and fastest-acting by far is regulation of the money supply. Over the short run, the money supply indirectly controls the growth rate of the economy; in the long run, it governs...
...Money supply-currency, plus checking accounts and time deposits in the nation's 14,000 commercial banks-needs to expand as population and production grow. The Federal Reserve Board controls the expansion, largely by buying or selling Government bonds. In the process, it makes adjustments for peak periods of demand, such as the Christmas shopping season, or times when the Treasury must borrow heavily to finance budget deficits. In addition, the Federal Reserve tries to use its monetary powers to moderate the ups and downs of U.S. business. But Friedman says that the board repeatedly errs in the rate...
Since 1960, the money stock has changed at annual rates that have swung all the way from plus 13.5% to minus 2.8%, depending on the board's shifting opinion of the economy's needs. Such fluctuations are usually reflected in the performance of the whole economy six to nine months later. Between April 1965 and April 1966, for example, the money supply climbed at the rate of 9½% a year, and the war-swollen economy began to suffer from inflation. When the Reserve Board overreacted, it slammed on the brakes too hard. Until January 1967, money supply...