Word: validator
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Only 6,000 francs ($120), plus 3,000 for each dependent, could be immediately redeemed by each person. For all old money turned in over that amount, receipts were issued payable after June 16. The new money instantly became more desirable than the old, because it was valid indefinitely and did not have to be accounted for. Merchants were reluctant to take old money, but they tried to give it in change. Black-marketeers selling new money for old collected a 20% premium...
With regard to the compensation of executives, Swope remarks that ". . . the compensation of officers and of the leading men in the organization . . . should be in the form of salary plus a share in the profits of the company." He goes on to comment that "There is no real or valid reason . . . why any salary other than the president's and possibly the chairman's should be made public. When the officers (of large companies) all know each other . . . (this practice) only produces envy and impairs the morale of the organization...
...potent, hardheaded Committee for Economic Development this week came to the rescue of the Bretton Woods proposals. C.E.D.'s research committee-including Boston Banker Ralph E. Flanders and Tax Expert Beardsley Ruml-analyzed criticisms of the Fund and found that, so far as they were valid, they could best be met by giving the Bank power to make long term loans, when necessary, to stabilize a nation's currency. But C.E.D. declared that scrapping the Fund would be a serious loss. In short, C.E.D. came out for both Bank and Fund, with more power for the Bank...
...thorny question: just what are we fighting for? No one searches any harder for the answer than the man who is doing the fighting. But here is most apparent the characteristic U.S. lack of political education, the failure of both Government and Army to define for the fighting men valid political objectives. Both the German and Russian armies have taught their soldiers better, whatever the lesson...
...happened to his red and blue stamps, began to look suspiciously at airplane stamps 1, 2 and 3, wondered if they should be spent at once on shoes -which will hereafter be rationed at less than two pairs a year. OPA hurriedly promised that current shoe stamps would remain valid...