Word: rimmer
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Dates: during 1980-1989
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...Rimmer de Vries, the chief international economist of Morgan Guaranty Trust Co. of New York, maintains that global banking is quickly beginning to change. Says De Vries: "One thing is certain. The game of international lending is over. If it's going to continue, it will have to be carried on by entirely different rules." New and tougher rules can come none too soon...
...Western economies has put ever greater pressure on political leaders to find a way to revive growth and reduce unemployment. If they resort to the traditional remedies of increasing government spending or their money supplies, they run the risk of fueling inflation and ultimately hindering growth. Wrote Rimmer de Vries, chief international economist for New York City's Morgan Guaranty Trust Co., in his respected newsletter, World Financial Markets: "It is widely appreciated today that any tradeoff between inflation and unemployment applies only to the short run, and that in order to achieve long-run economic growth...
Bankers, however, deeply fear the consequences of such a move. Says Rimmer de Vries, a senior vice president of Morgan Guaranty Trust Co. and a member of TIME's Board of Economists: "This is a very urgent issue that needs to be handled very carefully." Not a single member of the board was willing to recommend a default during a discussion of the topic at this month's meeting. Lawrence Brainard, a senior international economist with Bankers Trust Co. in New York City, warns that default would set off "an unholy scramble" to grab the few Polish assets...
TIME's economists foresaw no big break in interest rates. Rimmer de Vries, senior vice president at Morgan Guaranty Trust Co. and a new member of TIME's board, predicted that the prime rate would fluctuate narrowly between 14% and 17% for the rest of the year. Said he: "We're in a stalemate. Congress will have to attack the budget deficit...
Many economists are starting to believe that the dollar has become overvalued and will soon begin to slip. Rimmer de Vries, an international monetary expert at the Morgan Guaranty Trust Co., predicts that the current account, which measures the net international flow of goods and services to and from the U.S., will swing from a $10 billion surplus this year to a $5 billion deficit in 1982. That deficit will in turn drive down the value of the dollar, perhaps by as much...