Word: moneymen
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Dates: during 1960-1969
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...months, international moneymen have been trying to solve a nagging mystery: What could South Africa be doing with the enormous quantities of gold -77% of the non-Communist world's output-that it mines? The question is much more than an intellectual game for economists. It involves such practical matters as the future of the South African economy, the value of the U.S. dollar and the whole intricate mechanism of international gold trading...
...take all the gold that South Africa has offered. The Bank of Portugal has broken the central-bank boycott and bought some of the rest at the official $35 price. The Lisbon bankers took about $145 million worth in 1968 and another $120 million worth early this year. Johannesburg moneymen also believe that South Africa has loaned some gold to other African nations...
...decision to go ahead. Other economists recall that Special Drawing Rights-so-called "paper gold"-took five years to move from the status of a radical academic idea to a reform that the 111 IMF nations are actually about to institute. However long reform may take, more and more moneymen regard the crawling peg as an idea whose time has come...
WITH considerable unhappiness, moneymen still vividly recall the episode in the late summer of 1966 that came to be known as "the credit crunch." Restricting the nation's money supply in order to slow a rapid price rise, the Federal Reserve Board acted so decisively that the financial markets reacted with hysteria. Interest rates rose rapidly, the Dow Jones average sank 25%, and many lenders were so short of funds that it became extraordinarily tough for corporations to borrow...
...cost of borrowing money has been rising rapidly ever since the Federal Reserve Board decided last December to get tough about inflation. Last week the deliberate squeeze on credit pushed many interest rates to the highest levels since 1929, causing considerable anxiety among bankers. Many moneymen fear that one more turn of the Federal Reserve's monetary screws might, as the Bank of America put it, cause "serious disruption in the financial markets and create conditions that would generate a recession...