Word: moneymen
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...DOLLAR: Foreign moneymen remained skeptical that Nixon's latest economic initiatives will be enough to revive the ailing dollar soon. As a result, the international exchange rate of the greenback continued to drift lower against most currencies, falling to 2.54 in German marks and 4.22 in French francs...
Unable to agree quickly on any other way to soothe gyrating exchange markets, the world's moneymen last March stumbled grudgingly into a different kind of international monetary system. In it, most major currencies are "floating"-that is, selling not at rates fixed in U.S. dollars but at prices set by supply and demand.* Last week that makeshift system was put to its first serious test, and it performed adequately. What could have become a first-class crisis was defused without anybody having to do anything in particular...
...dollar regained some of its strength against other currencies. Some financial experts saw the outcome as the result of normal profit taking by instantly rich gold speculators, and of a spreading belief that after two devaluations since late 1971, the dollar is actually undervalued. Other moneymen, however, thought that the floating system had worked exactly as it was supposed...
Double Risk. Jointly, singly or in combinations of countries, the non-Communist world now seems to be moving, at least temporarily, toward floating currency values. Moneymen long believed that such a system would create enough confusion to dampen the desire for international investment. Because no one could be certain, for example, how many Swiss francs a dollar would be worth on any given day, the investor would not only have to take a risk on his project but also on the currency transactions necessary to finance it. Thus the usual practice for the past 25 years has been for governments...
...arbitration, boycotts and walkouts. Last year the players staged a 13-day strike that caused the cancellation of 86 regular season games. This year, just before preseason work outs were scheduled to begin, the team owners struck back by refusing to open the training camps. No ballplaying, said the moneymen - not until the current round of collective bargaining is completed. If a solution is not reached be fore March 1, the official starting day of spring training, it would be the first time that baseball's annual spring rit ual has been delayed since the major-leaguers began going...