Word: sweden
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Dates: during 1960-1969
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Dutch Uncle. B.I.S. directors -among them central-bank governors from Britain, West Germany, France, Italy, The Netherlands, Belgium, Sweden Switzerland-confer monthly at Basel with emissaries from nonmembers U.S., Canada and Japan. That inner ring forms what financiers have dubbed "the Basel Club": eleven men 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...
...Austria, Belgium, Britain, Denmark, France, West Germany, Greece, Iceland, Ireland, Italy, Luxembourg, The Netherlands, Norway, Portugal, Sweden, Turkey...
...more than seven centuries, both freedom and democracy eluded Finland, which silently submitted to the rule of its giant neighbors-first Sweden and then, after 1809, Czarist Russia. After revolution toppled the Czar in 1917, the Bolsheviks repudiated imperialism and granted Finland its demand for independence. Civil war broke out when Bolshevik followers tried to seize power in the newly independent state, and ended only when Mannerheim defeated the Communists and installed a democratic regime that excluded them-a victory that left a legacy of left-right hostility that still plagues the country...
...that Kennedy originally sought. As a result, the average tariff wall around U.S., British and Canadian imports will fall from today's 18% to about 10%. Common Market levies will shrink by one-third from their present 13.2%, and those imposed by such countries as Switzerland and Sweden will drop from 8% to the merely nuisance level...
...Which Agnon shared with Jewish Poet Nelly Sachs, who lives in Sweden...