Word: moneymen
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...that mean that money traders believed the story rather than the denials? Not necessarily: it means that moneymen so distrust the pound's value that they will seize on almost any excuse to dump sterling. Said one banker: "No one who sold sterling believed that the story was true. They sold because they were afraid someone else would believe it." Even the rare bit of good British economic news cannot soothe these jitters. On Oct. 26 the British government reported that unemployment in September shrank by 78,000, to a total of 1,377,110. The news brought...
Even if the game of chicken succeeds and Britain gets the IMF loan with few strings, the winter is strewn with pitfalls. Shortly, Parliament will begin a debate on home rule for Scotland. If moneymen could be so shaken by an unsupported story in the Sunday Times, what will be their reaction to screams from Scottish Nationalists for control over the revenues from North Sea oil, Britain's putative salvation...
Until recently, a grim joke among international moneymen was that British bankers were preparing a special Bicentennial gift for the U.S.: a pound worth $ 1.776. Two weeks ago, the laughter grew thin; sterling fell to $1.705, down from $2.02 as recently as March. The pound's collapse threatened to weaken the international monetary system and cast a shadow over the industrial world's quickening recovery. Then last week a spate of good news buoyed the pound. Its value climbed to $1.771 at week's end, raising hopes that the worst of the sterling crisis might be over...
...time are playing a role. Until recently, many black entrepreneurs who could raise money had little experience and were forced to start their businesses from scratch in ghetto areas. As a result, the mortality rate of black-owned businesses has been high. Now, led by Manhattan's Citibank, moneymen are seeking out black entrepreneurs who have good management records and offering to finance their acquisition of successful, largely white-owned enterprises. Citibank recently helped blacks to take over a profitable Chicago margarine company...
First Stage. Sink it promptly did-to a low of 4.775 to the dollar and a close of 4.72, v. 4.551 the week before last. That was the first stage in a decline that moneymen thought might eventually come to 10%. The drop seriously embarrassed the government of President Valery Giscard d'Estaing. It was Giscard, a staunch proponent of currency stability, who had brought France back into the snake last July, over the objections of his top economic advisers...