Word: moneymen
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Reagan's chief problem at this point is his slow start on fund raising for himself. Texan John Connally has already netted about $6.6 million, nearly twice as much as Reagan. Still Reagan's moneymen have a handy list of some 400,000 contributors from 1976 and expect to catch up fast...
Eurocurrency began as an offspring of the cold war. After the 1956 Hungarian revolt, Soviet officials feared that the U.S. would seize the dollar deposits that Moscow had in New York City banks, so they transferred the cash to London. After moneymen began lending the state less dollars to companies in Europe, U.S. bankers and businessmen recognized a promising new source of capital. The lending of hard foreign currencies soon spread out from London. Among the first to handle such loans was the Soviet-owned Banque Commerciale pour I'Europe du Nord in Paris, which has the telex address...
...market has been one of the most important financial innovations of the postwar era. By opening a vast new source of investment capital, it has furthered international trade and development. But the $1 trillion credit reserve floating free from national or international restrictions also breeds currency instability and inflation. Moneymen figure that they must now correct the problems the Eurocurrency market has created without, in the process, destroying this useful credit system-but nobody is yet sure just how to do that...
...however, finance men and bankers now saw not just another quick fix but a direct assault on inflation itself. Said West German Finance Minister Hans Matthöfer: "The package goes straight to the heart of the problem." Brussels Banker Roland Leuschel expressed a conviction shared by almost all European moneymen: "Throttling back on the money supply itself will be much more effective than raising interest rates in the fight against inflation. Paul Volcker is attacking inflation at its source...
While world moneymen continue slouching toward a new financial Bethlehem, it becomes clearer that the only real way to restore the dollar's health is to cut America's inflation. As long as prices continue climbing at a rate of 13% in the U.S., compared with 6% in West Germany, the dollar will sink and the mark will rise. In such circumstances the dollar is lost, and attempts to save it will only ruin the nation's industry by making such exports as computers, airplanes and chemicals vastly too expensive in Japan or Germany, and imports like...