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...whose banks control three-quarters of the world's gold and currency reserves. Originally set up in 1930 to handle reparations payments from World War I, the B.I.S. gained stature chiefly after the mid-'50s as European currency controls ended. From the regular meetings in Basel sprang such innovations as currency swaps, by means of which central bankers again and again have defeated speculators against the British pound, and the European gold pool, which has kept the price of the yellow metal stable for seven years (and did so once again during the Middle East crisis). Though...

Author: /time Magazine | Title: Banking: The Basel Club | 6/23/1967 | See Source »

...enough. The experienced defense lawyer was Hugh Cunningham, law partner of ex-Governor Ross Barnett and high among those who sprang Byron De La Beckwith, the accused killer of N.A.A.C.P. Leader Medgar Evers. Under Cunningham's skilled guidance, one by one the eight defendants told the all-white jury that either they were somewhere else during the riot or, if they were present, "I never hit nobody." A parade of character witnesses, including a local judge, warmly vouched for the defendants' reputations for truth. Lawyer Cunningham then attacked Police Captain Turner's credibility by producing other character...

Author: /time Magazine | Title: Trials: I Never Hit Nobody | 6/16/1967 | See Source »

...America, Jews poured into Israel, were declared citizens, and went to work. The population tripled in 16 years. Supported by massive private donations (more than $2 billion) from world-wide Jewry, by equally massive U.S. aid ($1.6 billion) and by reparations payments from West Germany ($822 million), the nation sprang almost overnight from a picturesque wilderness to an enclave of clanging energy. Deepwater ports were dredged, power and irrigation plants built, modern cities and industries created. The desert bloomed, the orange trees blossomed, and Israel was suddenly the land of milk and honey. For 14 wondrous years, its gross national...

Author: /time Magazine | Title: Israel: A Nation Under Siege | 6/9/1967 | See Source »

...overwhelming majority of 423 to 16, replacing Ludwig Erhard. He also, despite early objections, won almost as massive support for Bruno Heck as secretary-general to handle the party's day-to-day affairs. Cried Kiesinger: "I, the Chancellor, require the full support of my party!" The delegates sprang up and gave him a 55-second ovation...

Author: /time Magazine | Title: West Germany: Making the Grand Coalition Work | 6/2/1967 | See Source »

...used underwater to aid aquanauts. Average citizens might well want a version to moor a boat or tow a car, the idea in both cases being to keep things apart as well as together. And Dr. Marton thinks his brainchild might make a big public impact from whence it sprang-as a toy. Flung out loose and then frozen, it makes a marvelously accurate lasso as well as tripper-upper and grabber-onto of things it wraps around. His two children have already demolished two of his homemade versions...

Author: /time Magazine | Title: Space Technology: Flexi-Firm Tether | 4/14/1967 | See Source »

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