Word: moneymen
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WITH considerable unhappiness, moneymen still vividly recall the episode in the late summer of 1966 that came to be known as "the credit crunch." Restricting the nation's money supply in order to slow a rapid price rise, the Federal Reserve Board acted so decisively that the financial markets reacted with hysteria. Interest rates rose rapidly, the Dow Jones average sank 25%, and many lenders were so short of funds that it became extraordinarily tough for corporations to borrow...
...cost of borrowing money has been rising rapidly ever since the Federal Reserve Board decided last December to get tough about inflation. Last week the deliberate squeeze on credit pushed many interest rates to the highest levels since 1929, causing considerable anxiety among bankers. Many moneymen fear that one more turn of the Federal Reserve's monetary screws might, as the Bank of America put it, cause "serious disruption in the financial markets and create conditions that would generate a recession...
...which they are put. Thus the expatriate dollars are extraordinarily sensitive to the gyrations of monetary supply and demand. They race across national boundaries in response to tiny changes in interest rates, and their existence complicates government efforts to curb currency speculation. It is hardly surprising that European moneymen have come to regard the Eurodollar as a genie that has somehow escaped from its bottle...
...wage increases and devaluation. He told his cabinet that the wage settlement offer last May was "probably too much. But what has been done is done. In any event, there is no question of going any further." Despite De Gaulle's stubborn determination, a large number of European moneymen regard as inevitable a 10% to 15% devaluation of the franc before the end of the year...
...prelude to President Nixon's forthcoming trip, a team of top U.S. moneymen traveled to Europe last week for the new Administration's first formal contacts with European economic officials. At the week-long meetings in Paris of the 22-nation Organization for European Cooperation and Development, the delegation earned high marks and persuaded even the skeptics that the U.S. economy is in good hands. The Europeans wanted some indication of U.S. determination to handle its No. 1 economic problem: inflation. The Americans did not disappoint them. "If we have one objective, it is to try to cool...