Word: passbook
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Dates: during 1960-1969
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...play consists of frightening, cruel vignettes. A woman six months pregnant is booted in the stomach and loses her baby. An Angolan Negro loses his passbook, hence his job, hence his life. The pitiable wages of native contract laborers are recorded, along with a drum-roll-call of industrial corporations that draw profits from the mines of Rhodesia, Katanga and South Africa...
...normally supply 44% of the money to finance homes; mutual savings banks and commercial banks each provide another 14%. Thus 70% of the $275 billion tied up in residential loans (mostly of 20-to 30-year duration) comes from passbook savings subject to almost instant withdrawal. When inter est rates rise rapidly, S & Ls and savings banks are caught in a pincers. To keep their savings accounts, they must pay higher interest, but their income from existing loans remains fixed. So they curb new lending...
...Minister of Defense, purged most of the military's World War II leaders because they had fought in "Britain's war," and in 1960, as Minister of Justice, was largely responsible for the ill-famed Sharpeville massacre of 72 Africans protesting the apartheid passbook laws; of a heart attack; in Bredasdorp, South Africa...
...more than corporations. It will force several hundred banks that have been paying up to 51% to roll back interest rates on new deposits. Mutual savings banks will be held to 5% on all deposits. In most cases, savings and loan associations will be limited to 4¾% on passbook savings accounts. S & Ls in California, Nevada and Alaska, which have suffered badly in the competition with banks for deposits, will be permitted 51% . For bankers, the slowdown in deposits forced by the new ceiling undoubtedly will diminish the supply of money available for lending...
...rubber-stamp marks in his passbook. He needs one stamp to hold his job, another to maintain "temporary residence" in his African township, still others to allow his wife and children to live with him. If he loses his job, he must apply to the police for a stamped permit to seek work. If he wants to visit relatives in another city, he needs a stamp before he can get on the train. The government can cancel any of his stamps at any time for any reason, move him far away from his home, job and family. Above...