Word: moneymen
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...trade deficit and bolster the dollar. Next day the dollar hit yet another record low against the deutsche mark, dropped against the Swiss and French francs, the Dutch guilder and the British pound, and even sank to a 31-month low against the weak Italian lira. The apparent reason: moneymen concluded that if this is all the hope Carter has to offer, the dollar is still in trouble. Confidence in the dollar has so eroded that it sometimes plunges sharply these days with no specific news at all to account for the drop...
...healthy economy cannot tolerate that pace. It wipes away most wage and salary gains, lowers standards of living and sets poor, middle class and rich to snarling at one another. It also weakens the dollar overseas: foreign moneymen rush to dump greenbacks out of fear that inflation will steadily erode their value. Last week the dollar slipped to a record low of 201 Japanese yen, down almost 17% just since January. The dollar's slide, in turn, makes U.S. inflation worse because it raises the prices that Americans pay for imported goods...
...risk that Arthur Burns would approve. Carter, a low-interest populist, probably hoped for a policy change to easier money when he appointed Miller, but he must know better by now. Both Miller's target and some of his rhetoric are so close to Burns' as to make many moneymen contend that, for all the differences in personality and style, Miller is a bred-in-the-bone central banker after all. Says Charls Walker, former Deputy Secretary of the Treasury: "I lost about $100 in bets that Burns would be reappointed. I'm thinking of asking for my money back...
During Burns' last year, the Federal Reserve constantly overshot or undershot its targets, for reasons that no one seems fully to understand. The Ml growth rate swung crazily from almost 14% in one month to nearly zero in another, and the gyrations confused and alarmed moneymen. Miller aims for more stability by not pushing down wildly on the pedal or slamming on the brakes in one month to correct the previous month's error...
...Manhattan this week, heavy moneymen and big sports figures are gathering at a secret dinner for Quarterback turned Congressman Jack Kemp. His four-minute segment about taxes on Cronkite's show last Wednesday jiggled hearts as far away as Illinois. "Charismatic," said a middle-aged elephant. Participants in the Republican Tidewater Conference in Easton, Md., say there was a Kennedy-like stir when Kemp strode...