Word: downwards
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...result of this policy the prestige of the Council has followed a downward path during the past year. Too often its decisions have been instigated by direct suggestions from the College office. Seldom if ever has any constructive work been carried on by the Council's initiative. The general tone has been that the Council is responsible to the officers of the University, and not to the student body...
...President Hoover summoned Messrs. Glass and Steagall. Governor Meyer of the Federal Reserve, Secretary of the Treasury Mills, President Dawes of Reconstruction Finance Corp. were called in. President Hoover explained the desperate plight of the nation's banks and the psychological failure of other relief plans to arrest the downward plunge of deflation. Heavy Federal financing to meet the Deficit (see col. 3) was ahead. Drastic action must be taken. Messrs. Meyer, Mills and Dawes nodded their heads in agreement. Gradually Senator Glass's opposition to opening the Federal Reserve to larger bank borrowings was beaten down by facts...
...sworn in until two executive sessions of the Senate have taken place after his confirmation, was waived. President Dawes and his board rolled up their sleeves and started to work. Applications to share the $2,000,000,000 credit fund, with which the Administration hopes to check the downward spiral of deflation, poured into the Treasury offices. There they were sifted by a clerical staff, prepared for study by the R. F. C. directorate, which hoped to make the first loan from new offices in the old Department of Commerce Building by the end of this week...
...depreciation of foreign currencies, in turn, has been a principal reason why the depression has been so much longer and more sever than any one anticipated. Depreciated currencies have made exports cheap in terms of foreign currencies and thus have increased the downward trend of world prices; in addition, foreign goods have become expensive to countries with depreciated currencies, and thus their ability to buy from the rest of the world has been reduced...
...inflation?the creation of credit where credit did not exist before. But President Hoover, like many another man to whom words are good or bad per se, dislikes the word inflation, prefers to call his relief policies counter-deflation. Business and banking have been spinning in a downward spiral?bank runs, heavy sales of assets to keep liquid, reduced security values, more fear, more runs, more sales, still lower values. It is to arrest this process that the Government has interposed R. F. C. on the theory that $2,000,000,000 will cushion the fall, stop it. perhaps turn...