Word: moneymen
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Dates: during 1960-1969
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Misty World. The world of the international moneymen is a misty one, filled with special terminology and nuances and frequently devoted to esoteric concerns. It is peopled by able and articulate men who call each other by their first names, nip off to Paris, Basel or London as a matter of routine and keep in constant touch by telephone, cable and personal visits. On a recent visit to Britain, William McChesney Martin Jr., chairman of the Federal Reserve Board, spent three hours tramping through the fields with Lord Cromer, the governor of the Bank of England, at his country home...
...screen of great secrecy once separated the moneymen of each nation from those of others, but it has given way to growing cooperation. Each central bank now maintains a large foreign department to keep in touch with other banks. Last December the Paris Club set up a uniform system of confidential statistics about each country and made its findings available to all participating central banks. Today it is not uncommon for one government to give another government a few hours' notice of a change in the bank discount rate, a practice unheard of only a few years...
...Profession & an Art. The moneymen bear many titles, but basically they fall into three major groups. Enjoying fairly independent positions in their governments, the central bankers those who run national banking systems -feel the freest to criticize and sound alarms. The U.S.'s Martin, for example, keeps reminding Washington that the U.S. is dangerously close to inflation, and Lord Cromer has publicly lectured the Labor government. The finance ministers, on the other hand, are politi cal appointees who are less likely to pick a fight with their governments, but their greater awareness of political realities can be invaluable...
Because of the vast wealth and international obligations of the U.S., American officials hold a certain primacy of honor among the world's moneymen. This was undeniably the case when Douglas Dillon, as Treasury Secretary and Robert V. Roosa as his Under Secretary for Monetary Affairs were regulars at the monetary meetings. Because it will take time for their successors, Joe Fowler and Fred Deming (a new face at last week's Paris meetings), to build up comparable reputations, the Federal Reserve's Martin has become even more influential in monetary matters. Said Martin in Uruguay last...
Overshadowed by the Boss. One of the most highly respected of the world's moneymen is Guido Carli, 51, the vigorous, brilliant governor of the Bank of Italy, whose tough austerity measures cooled the nation's inflation last year but won him no popularity contests...