Word: moneymen
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...Dollar's Primacy. While the moneymen agree that the present reserve-currency system is inadequate, they sharply disagree about what to do. The U.S. and Britain are more or less allied on one side, and the Continental nations are on the other. Les Anglos, as Charles de Gaulle calls the Americans and British, are worried about prospects of trade deflation, which could lead to an international recession. Many Continentals are more worried about inflation-that the U.S. may soon again revert to its habit of inundating their economies with dollars over which they have little control...
...pointedly avoided any mention of devaluation in Washington and shunned the word crisis to describe the pound's troubles. Callaghan swapped political stories with Lyndon Johnson for 45 minutes, talked about the pound's situation with Treasury Secretary Henry Fowler, weighed in with Washington's moneymen in a round of dinners, luncheons and conferences. He also dined privately in Manhattan with 30 financial and business leaders. "Short of something cataclysmic," he said, "there is no reason why we should be in trouble...
...Profession & an Art. The moneymen bear many titles, but basically they fall into three major groups. Enjoying fairly independent positions in their governments, the central bankers those who run national banking systems -feel the freest to criticize and sound alarms. The U.S.'s Martin, for example, keeps reminding Washington that the U.S. is dangerously close to inflation, and Lord Cromer has publicly lectured the Labor government. The finance ministers, on the other hand, are politi cal appointees who are less likely to pick a fight with their governments, but their greater awareness of political realities can be invaluable...
Because of the vast wealth and international obligations of the U.S., American officials hold a certain primacy of honor among the world's moneymen. This was undeniably the case when Douglas Dillon, as Treasury Secretary and Robert V. Roosa as his Under Secretary for Monetary Affairs were regulars at the monetary meetings. Because it will take time for their successors, Joe Fowler and Fred Deming (a new face at last week's Paris meetings), to build up comparable reputations, the Federal Reserve's Martin has become even more influential in monetary matters. Said Martin in Uruguay last...
Overshadowed by the Boss. One of the most highly respected of the world's moneymen is Guido Carli, 51, the vigorous, brilliant governor of the Bank of Italy, whose tough austerity measures cooled the nation's inflation last year but won him no popularity contests...