Word: moratorium
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...supplies for Europe. Under Harding, he was an economizing Director of the Budget, ran his own bureau for almost half of its $225,000 appropriation ("We took our own medicine"). Under Hoover, he served as Ambassador to Britain and helped to draft the Administration's war-debt moratorium after the '29 crash...
...First Blush. In Wichita, Kans., officials declared a one-day moratorium on the usual traffic tickets which lead to fines, instead had policemen pass out tickets chiding errant motorists in bold red letters: "Shame...
...disaster threatened when the main European economic structure collapsed, and the convalescing U.S. economy was severely set back. Though confronted then with a hostile Congress and 7,000,000 families without breadwinners, Hoover feels that he met the challenge head on. He won a year's moratorium on war debts and reparations, shored up the gold standard, called a world economic conference, set up the Reconstruction Finance Corp., and launched reform of "our rotten banking system." Says he: "[These] great legislative and other measures . . . turned away panic and started us on the road to real recovery around July...
Like watching a newsreel run backward, delegates from 23 nations have been meeting in London, threading their way through the financial tangles of two global wars. Phrases that were headlines a quarter-century ago (Dawes Plan, Young Plan, Hoover Moratorium) ran through their talk as they sought a way to settle Germany's $6 billion foreign debt. The problem, said U.S. Delegate Warren Lee Pierson, T.W.A. chairman and an old hand at international financial powwows, was "probably the most complicated in financial history." Last week, at a press conference in Manhattan, Pierson announced that the problem had been settled...
...most complicated problem started in 1933, when Germany began to default on interest payments on state, municipal and corporate bonds. To give her a breather, President Hoover arranged a moratorium on all payments in 1931. Shortly after, Adolf Hitler repudiated the whole debt; he charged that it was caused by reparations and was one of the injustices of the Versailles Treaty.* As the market value of German bonds tumbled, Hitler's agents quietly bought up blocks of them at fractions of their par value, stored them away in Berlin. When World War II broke, the U.S. suspended trading...