Word: pumpings
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...Glass-Steagall bill. By substituting U. S. bonds for commercial paper as Federal Reserve currency coverage, this measure freed excess gold behind paper money, helped the Reserve to resist foreign raids on the dollar. It also opened the way for the Reserve to buy U. S. bonds wholesale, pump credit back to member banks...
Under the Goldsborough bill the Federal Reserve would be required to inflate commodity prices by a deflation of the value of the dollar. Presumably this would be accomplished by an intensive form of U. S. security purchases such as the Reserve Was been using to pump credit into the country (see p. 43). In theory a Federal Reserve member bank would sell a "government" to the Reserve, withdraw the proceeds in paper money, which in turn would be lent out to commercial customers seeking cash. As the quantity of currency in circulation increased its value would decline and the prices...
...laying but little emphasis on the evidences of assimilation as shown by permanence of acquisition. . . . Tests and examinations . . . appear to deserve the ribald comment that a medical student once made to William James to the effect that he saw in them nothing but a periodical application of the stomach pump...
...remained for pipe-smoking Governor Harrison to lay the biggest piece of fiscal news down before the House Committee?namely, that the Federal Reserve was in the market for U. S. securities as never before. Its purchases were part of the Government's new determination to pump credit into the country?a process its friends call "reflation" instead of inflation?under the provisions of the Glass-Steagall bill. Not until its statement was issued later in the week was the full extent of the Federal Reserve's pumpings evident to the country...
...kidnapping of his baby interrupted Col. Lindbergh's efforts to improve a pump which Dr. Carrel uses to drive fluids through vital organs removed from laboratory animals...