Word: moneymen
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...lOUs in the currencies of participating countries. Nations will automatically be credited with S.D.R. in proportion to their regular IMF deposits, but only 30% of S.D.R. actually used need ever be repaid. The other 70% becomes a permanent increase in each country's liquid assets-"paper gold" that moneymen feel should some day become as coveted as the metal...
...electoral votes, small-staters suffer from other handicaps that do not afflict the Governors of New York, California and Michigan. With their modest personnel budgets, they cannot readily afford the large staffs necessary to put a politician in the spotlight and keep him there. There are fewer big moneymen in the back yard willing to finance political spadework, fewer political professionals available to give counsel and serve as delegate hunters...
Last week more than 200 of the world's top moneymen from three continents gathered in the former hotel for the bank's 37th annual meeting. They came not so much for the brief formal session (at which President Jelle Zijl-stra of The Netherlands Bank was elected B.I.S. president to succeed his retiring fellow countryman, Marius Holtrop) as for the two preceding days of frank talk behind closed doors about monetary problems. "You save two weeks of travel in Europe by coming here," explained Federal Reserve Chairman William McChesney Martin, who led the U.S. contingent...
...bank's annual report, largely written by U.S. Economist Milton Gilbert, not only commands enormous respect among moneymen but often talks like a Dutch uncle to errant governments. Last week, for example, it skewered the U.S. and West Germany for forcing central banks to do the dirty work in restraining inflationary 1966 economies. Rapping Washington for "the indecisive way" in which it dealt last year with the question of raising taxes, the report said: "There is nothing wrong with the 'new economics.' The trouble was the failure to act promptly and effectively...
With a sigh of relief, moneymen from Wall Street to Main Street heard last week that President Johnson had appointed William McChesney Martin, 60, to his fifth four-year term as chairman of the Federal Reserve Board. "This bank is delighted," said a Chase Manhattan senior vice president. So was First National City, whose president, George S. Moore, said of Martin: "This is a time when his experience is needed." No less enthusiastic were foreign bankers, who also see Martin as a staunch defender of the sound dollar that is so necessary to their economic wellbeing...