Word: moneymen
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...currencies. Struggling to keep the buck from plunging further, which would hurt West German exports, the Bundesbank spent $1.2 billion in deutsche marks to buy up unwanted dollars last week. By happenstance, as the buck was worrying down again, central bankers, finance ministers and some 6,000 other leading moneymen were gathering in Belgrade, Yugoslavia, for the annual meeting of the 138-nation International Monetary Fund. Treasury Secretary G. William Miller and Federal Reserve Chairman Paul Volcker had hardly arrived when they were besieged with calls for U.S. action to stem the panic...
...latest turmoil in the gold and currency markets shook the Belgrade meeting like an Adriatic earthquake. The moneymen hovered over telex machines to catch the latest gold fixings and dollar-mark exchange rates, and swapped anxious rumors. Inter-continental Arab finance ministers ducked quietly into Bill Miller's first-floor suite at the Inter-continental Hotel to get his assurances that the dollar would be defended. Reported TIME Correspondent Friedel Ungeheuer: "An undercurrent of fear and confusion about what has been happening on the money markets ran through the corridors of the modern Sava Center, where the I.M.F. sessions...
...foreign moneymen worry about the Carter Administration's resolve to hold down inflation at the cost of higher unemployment as the 1980 political campaign picks up steam. They found fresh reason for skepticism last week: it was revealed that to get the unions to join in the Carter anti-inflation program, the Administration agreed not to try to penalize any violators of the "voluntary" wage and price guidelines. Miller attempted to soothe his colleagues in Belgrade by promising that the Administration would "stay the course" in battling inflation, but doubt remained. Said one West German Cabinet minister: "The problem...
...wasn't there at the Camp David hair-down sessions, let alone when the Cabinet-level jobs were handed out, was America's premier banker, Walter Wriston. His absence was unsurprising if unfortunate because, along with being the most innovative of moneymen, the Citicorp chairman delivers outspoken opinions with a rapier tongue that belies his early career as a State Department diplomat. In a glass house 15 stories above Park Avenue, he sits at a circular desk (the better to gather aides around to chew over ideas) and, eyebrows arched and wisecracks flying, tosses out some sharp-edged...
...billion this year. But the dollar probably will remain weak for a variety of reasons: a surfeit of $600 billion in greenbacks is sloshing around the world as a result of inflationary excesses; foreign governments are weary of spending their own currency to support the beleaguered buck; and foreign moneymen think that America's leadership is soft and uncertain...