Word: cashing
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Dates: during 1980-1980
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People were asked to donate money in multiples of $2.20, the approximate price of a bushel of corn, but no one worried much about making the math come out even. Some farmers took their corn to grain elevators and asked the operators to forward the cash to Iowa Shares. One woman and her husband sent in $80 and her engagement ring. Iowa Shares kept the money but sent back the ring. In Dubuque, high schools sponsored a dance. Eric Sharp, 9, gave the $50 that his parents were going to spend for his Christmas presents...
...group of ultrarich investors could pull a squeeze. They would simply buy up so many outstanding futures contracts that there would not be enough metal available to meet demand if the contract holders insisted upon delivery of real silver, rather than being willing to turn their paper profits into cash, when their contracts expired. That would push prices into outer space on the spot market, as unfortunate speculators who had contracted to deliver silver scrambled to buy the limited supply to meet their legal commitments...
...very nervous about their future. "In the bazaar, nobody will give anybody credit any more," says Siamak Akha-van, a young businessman who runs his family's steel-importing company from the Tehran bazaar. "The system usually operates on a man's word. These days only cash works." The banks, suffering from a loss of both talented employees and nerve, have curtailed credit. "Most of them don't even have a manager," complains Akhavan, who predicts that "we are going to have to live with 100% inflation." (The present rate is 25%.) Still, Akhavan is hopeful that...
...bribery, the office employment policies of Wayne Hays. One of the more bizarre spin-offs of Watergate was its literary industry; almost everyone, good guys and bad guys alike, the Deans, Haldemans, Jaworskis, Ehrlichmans, Colsons and so on, sat down at tape recorder and typewriter and produced books to cash in on the scandal. A headlong rush to excess profits was joined in the '70s by oil companies, sports stars negotiating multimillion-dollar contracts and writers whose most meretricious junk could command seven-figure advances...
Washington's chief line of defense against inflation remains the nation's central bank, the Federal Reserve. It controls the money supply by manipulating key interest rates and telling private institutions belonging to the Federal Reserve System how much of the cash they have on deposit must not be lent out. Alas, this line is slowly crumbling. While 5,450 banks remain in the system, in the past 4½ years some 300 have left it. Most have been small banks, but there have been some big defectors too, among them Pennsylvania's National Central Bank, which...