Word: moneyed
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Dates: during 1970-1979
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...opponents. In its defense, commercial bank ers note that the Eurocurrency market readily supplies investment funds for multinational corporations and provides the mechanism whereby the OPEC countries ''recycle'' their new riches to poor developing nations. OPEC'S leaders, ever fearful of placing too much money in any one country, prefer to keep their petrodollars in short-term Eurocurrency deposits free from the long arm of any government...
American officials argue that the international money has partially thwarted the Federal Reserve's attempt to slow U.S. inflation by limiting credit. When the Fed tightens money to restrict loans in the U.S., banks often bring back the funds from the Eurocurrency market. In the past six months $16.5 billion has flowed in, and even savings and loan associations now borrow Eurodollars to finance mortgages...
...Eurocurrencies in leg irons, have already asked major countries to impose reserve requirements on foreign deposits with their banks, even if they are branches located outside the country. In addition, governments of ten leading industrial nations are trying to force all banks to show exactly how much money they have lent out abroad...
Never had a clerical goof come at so inopportune a time. Less than a month after the Federal Reserve Board unfurled harsh new measures to whip inflation by holding down the money supply, chagrined Fed officials last week revealed that previously reported money figures had been overstated by $3 billion. Instead of surging in the past two weeks, the money stock had actually declined...
...foul-up was not amusing to people who lost millions during October in stocks and bonds. When the overly inflated money numbers were first published, markets plunged for fear that the Fed would rapidly tighten credit and push up interest rates. The nation's central bank responded on cue by draining reserve funds from the banking system...