Word: swiss
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Dates: during 1970-1979
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...carry a banker-like aroma. (One of his first acts, nonetheless, will probably be to remove the NO SMOKING signs Chairman Miller installed in the Fed boardroom.) Volcker's preferred entertainment is watching sports on television with a beer in hand. Once, when meeting a colleague at a Swiss nightspot, he put off the waitress until their conversation was completed. Then, never having ordered a drink, he complained that the prices were unjustifiable, and stalked out. The money world hopes he will be just as frugal with the American dollar...
...international exchange markets. The Federal Reserve Board also poured some $2 billion into the foreign exchanges to buy dollars, and at week's end the slide was stemmed. Still, in the past month the dollar has lost roughly 5% of its value against the West German mark, Swiss franc, French franc and British pound...
Initially, the reaction to Miller by the Swiss and Wall Street financial gnomes should be favorable. The business community has been aware for some time that Blumenthal had been badly wounded and his effectiveness diminished because of his internecine fights with the White House staff. Miller's good ties with Carter will cause optimism among U.S. businessmen. But while the arrival of Miller might improve Treasury-White House relations, the fundamental contradictions of the Administration's economic policy remain to be resolved. And for an Administration whose chief has kept tight personal control over these policies...
...were living in Switzerland during the 1973-74 oil crisis. The Swiss government, acting on statistics that showed that 25% of the country's weekly gasoline usage was on Sunday, promptly banned nonessential driving three Sundays during one month...
Except perhaps Geneva, where representatives of the 13-member nations of OPEC met to raise the price of crude. Reporters in that city were greeted at every turn with airport-style metal detection tests, luggage checks and platoons of Swiss police armed with automatic weapons. Said Tehran-based Correspondent Bruce van Voorst: "The four gorillas who guarded Saudi Sheikh Yamani practically walked in his pockets...