Word: morgan
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Dates: during 1980-1989
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Rolf Sellge, senior vice president of Morgan Guaranty Trust Co., noticed it as a sharp rise in the din outside his office. Traders at the International Monetary Market in Chicago responded to it with arm waving and raucous bids. In financial offices around the world, tensions rose as the news flashed across video screens and was relayed in frantic telephone deals: the price of the U.S. dollar was surging to record levels. The dollar fetched 8.06 French francs at the start of the week, the highest rate in more than 60 years, and also commanded 2.68 deutsche marks, a nine...
...will have to slash the federal budget deficit to well below $200 billion before it can effectively contain its currency. "You simply won't get any change in the dollar until the budget process is brought under control," argues Rimmer de Vries, chief international economist for Morgan Guaranty Trust. The deficit for the coming year is now estimated at $180 billion or so, but it may have to shrink a lot more before any Government intervention will stop the U.S. from serving as a magnet for cash from around the world...
...needs fresh cash because the wave of near defaults has left it almost broke. "The agency's financial position is very precarious," said Rimmer de Vries, chief international economist for Morgan Guaranty Trust. "It is already lending more than its resources permit...
Other experts say the entire subject of money growth is filled with confusion. "Put half a dozen economists together in a room, and they couldn't tell you what M1 really is," says John Paulus, chief economist for the securities firm of Morgan Stanley. While Paulus estimates the true gain in M1 is smaller than the numbers suggest, he believes that moderate tightening is still needed...
...passengers to hand over wedding rings and to empty their wallets and even shoes, where some people hide large bills. The rich are becoming fearful and cautious. At an exclusive dinner in São Paulo given for Antonio Gebauer, a senior vice president with New York's Morgan Guaranty Trust Co., one of Brazil's major creditors, 21 security guards were spotted among the guests, in corridors outside the room and on the roof of the building...