Word: poole
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Dates: during 1960-1969
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...last week came from a volatile and increasingly powerful segment of the world's financial apparatus: the Eurodollar market. That market is a curious byproduct of two decades of U.S. balance of payments deficits. Eurodollars are nothing more than U.S. dollars on deposit in private banks abroad. The pool was organized in the late 1950s by London bankers who sensed that if they could marshal the billions of dollars already overseas, they could lend them out at a substantial profit. Business has been brisk ever since...
...global scale. It involves roughly 500 banks in 40 countries. The banks accept deposits (minimum: $25,000) and arrange loans (usually from $100,000 up) among one another and with their customers over a telephone and Telex network. Fed most years by continuing U.S. payments deficits, the pool of money has grown geometrically from $8 billion in 1964 to $16 billion in 1967 to $27 billion at the end of April...
...side, they provide a vital source of private capital to finance world trade and the growth of international corporations. They bankroll oil exploration, highway construction and even occasional European government deficits. Without them, Europe would lack the investment capital to sustain its present Dace of economic growth. The Eurodollar pool has also become a leading haven for nervous money. Fearful of devaluation, individual speculators and treasurers of large corporations swap comparatively weak currencies like British pounds or French francs for Eurodollars...
Taking the Temperature. It is a popular achievement. The modern counterpart of the pool shark is a kid in a hopped-up car, cruising the hamburger joints along New Jersey's U.S. 1 or the Strip in Beverly Hills, looking for a competitor with whom he can drag race for money. For most buyers, however, the appeal is only psychological: few ever utilize the full potential of their machines. The kick they want is a sense of power and a feeling of youthfulness...
...Alaska's 400,000 square-mile interior. Throughout August, the distant fires still created a persistent haze and a strong smell of pine incense. At any moment, lightning could ignite the dry moss in a forest much closer to home and destroy some section of the town, but the pool of trained firefighters was nearly exhausted. Besides local volunteers, firefighters from Montana, Idaho, and other Western states and laborers from the local prison were pressed into service on the fires, but the U.S. Bureau of Land Management (the BLM is the largest landowner in the country) needed still more...