Word: passbook
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...comes to saving money, affluent people get a break. Those who put $10,000 or more into six-month money market certificates can collect interest at roughly 9.5%, while small savers are limited by law to earning only 5% from commercial banks and 5.25% from savings institutions on their passbook accounts. Last week federal banking authorities proposed new measures to redress this imbalance and encourage saving...
...bumper stickers bearing their wry slogan: "Savings may be hazardous to your wealth." They have a point. Just to keep even with double-digit erosion, the head of a family of four who earns taxable income of $20,000 would have to be paid interest of 11.25% on his passbook savings, or more than twice the current rate...
EXACTLY 19 years ago today, thousands of unarmed South African demonstrators were protesting in Sharpeville and Langa against apartheid's passbook system when police suddenly opened fire on the crowds, killing 69 and wounding 186 others. The rallies against the hated pass laws were part of a nationwide protest campaign spearheaded by the Pan Africanist Congress (PAC). In the following weeks of protests, South African police killed another dozen blacks and injured hundreds more...
...virtue of the fact that U.S. corporations are there. There are examples of companies that have modified their policies in South Africa or withdrawn under particular circumstances. Polaroid withdrew its manufacturing operation and instructed its distributor not to distribute its products to the government for use in the infamous passbook system. That distributor did not obey those instructions. Polaroid found out about it and severed its connection completely with South Africa, and I think appropriately. Several American banks which in the past have made loans to the South African government have ceased to make those loans and so announced...
Members of TIME'S Board of Economists predict that the Federal Reserve soon will ease its Regulation Q and allow commercial banks to pay higher interest on passbook savings, which can be withdrawn at any time. Regulation Q now sets a ceiling of 5% on them. If that is raised, the Federal Home Loan Bank Board also would have to permit savings and loans to pay more than their present 5½% maximum. Otherwise, savers would be tempted to pull out their money and invest it in Treasury bills and other paper that yield...