Word: redeemability
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...Gold is still the stern voice of monetary discipline," said Alexander, but its chief function is no-longer to redeem domestic currency (which has not been redeemable in gold for 27 years) but to back the dollar in international settlements. Requiring a notes and reserve of 25% in gold against the notes and deposits of the Federal Reserve banks makes our gold supply for international payments only about one-third of our total gold holdings. Nearly $12 billion worth is set aside as a reserve against something it cannot be used to redeem. Such requirements illogically make a country...
...start in real estate in Columbus, which is still company headquarters. His chief talent is thinking up simple solutions to complex problems; his first big break came during the Depression. Life insurance and building-and-loan companies in Columbus, swamped with defaulted property, had no cash to redeem $100 certificates which were being traded as low as $40. Galbreath organized syndicates of well-heeled property owners to buy up the certificates at the going price, turn them into the companies at $100 face value as down payments on defaulted property. The syndicate members made handsome profits when the real estate...
...Prudential has the old Boston and Albany train yards, and the completion of its project will make it hard to say who has the right side. Hopefully, the project will redeem much of the confusion around Huntington Avenue at the same time. The long stretch between Huntington and the Fenway houses as dreary a set of structures as you are likely to see outside East Berlin...
Waiting for Marco is like waiting for Lefty or Godot. In this first novel it represents a messianic yearning for an honest man who will redeem the corruption of Mussolini's Italy. Long before Marco makes his anticlimactic appearance, Italian Author Pasinetti explores half a dozen themes-love, death, courage, Venice, and, above all, the interplay of two families...
...Owner Harry F. Guggenheim of Cain Hoy Stable gave Ycaza a chance to redeem himself by hiring him as contract rider. Ycaza liked Cain Hoy. "It is like a family stable," he says. "They are all very nice to me." In that climate, he began mending his ways. "I wished to improve," says Ycaza. "To wish is a big thing." It was certainly a big thing to Cain Hoy-the U.S.'s leading money-winning stable last year, with purses totaling...