Word: overdrafts
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...Arabs owe for hurting, killing or maiming one another), passing out bank notes in the grand manner. This brought him squarely into conflict with Crown Prince Feisal, who is trying to substitute a modern budget for the royal private purse. Stiffly the King demanded fresh funds to replenish his overdraft, grown to a reported $30 million. As stiffly, Feisal refused...
...have been poor had he not "found God's promises to be the Christian's banknotes." Briefly, this meant that whenever Mr. Huntington wanted something, he prayed for it, and then made his prayer known to impressionable people who were glad to oblige. Soon, God's overdraft was alarming, as Mr. Huntington had put on his tab "a country house, a well-stocked farm, a coach." Huntington died leaving a self-written epitaph which ended...
...aftermath, all Middle East states are suffering from loss of oil revenues. Iraq's revenues are down 75%, Kuwait's by 40%, Saudi Arabia's by about one-third. The cut hurts the Saudis seriously, since they have spent their revenues up to the point of overdraft. The U.S. fully expects King Saud to ask for aid, and expects to give...
...sign of financial instability in the U.S., the overdraft in London is a sign of strength. The larger the overdraft the greater the confidence the bank has reposed in its client. To go to the moneylender is a virtual admission that one is not trusted and has poor credit. In this fashion, Britons-notoriously acute bankers-have happily muddled along for centuries. No responsible Briton is exposed to the shock experienced by the American who overdraws: to . have his check marked "Insufficient Funds" and ignominiously bounced, his account stiffly fined...
...institutions do so many British gentlemen owe so much as they do to the overdraft. As peculiarly British as cricket, the overdraft is undefined but tradition-hallowed, its rules as precise and respected as though set in stone. The gentleman who finds himself short of funds simply writes a check on his account. The bank honors it (charging interest on the overdraft, providing the gentleman has been reasonable). If he hasn't, he is summoned to the bank managers' paneled chambers for a discreet chat, emerges knowing just how many pounds he may overdraw in the future...