Word: pots
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Dragnet. In Salt Lake City, a would-be burglar was beaned with a coffee pot at the Johnsons' house, fell through a glass door at the Wakes', was caught by the Drurys' daughter, Fern...
...United Nations Monetary and Financial Conference (see U.S. AT WAR) reached an agreement on an "International Monetary Fund" and on an "International Bank for Reconstruction and Development." The Fund is simply an $8.8 billion pot into which each member nation shoves a stack of its own chips. (Since there are not enough gold chips to go around, each player in international trade-unlike poker-has to use some of his own chips, valuable only in his own home.) The purpose of the pot is to enable any player, who temporarily needs the chips of an other, to shove in more...
...requiring every nation to put in 25% of its original ante in gold, which is acceptable in all countries. But no country is required to put into the pot more than 10% of the gold and dollars it owns; if short of gold at the start, it can make up the difference by adding more currency...
...borrowing from the pot, each borrower must pay the Fund a ¾% service fee. After three months it must also pay ½% interest, after a year 1% interest, after two years 1½% interest, after 3 years 2%, etc. Furthermore, if a nation's borrowings reach more than 25% of its original stake, these interest rates jump ½%; on borrowings over 50% another ½% etc., etc. Thus large or prolonged borrowing soon becomes too expensive to continue. As a further check, if the interest gets up to 4% the Fund will talk things over with the borrower. Then...
...other creditor nations. The Bank is merely a second pot in which the whole world puts chips to guarantee the lenders against loss. In ordinary opera tion the Bank will guarantee loans floated privately. It also has power to take part of a loan too big for private markets, and to make direct loans on a relatively small scale if they cannot be floated privately...