Word: turnoveritis
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Until the World War the public debt of the U. S. never exceeded $2,500,000,000. But by 1919 the liability side of the U. S. ledger carried a then-stupendous total of $25,000,000,000-and Wall Street had a lucrative new field, trading in Government bonds...
With a monthly turnover of more than a billion dollars, C. J. Devine & Co. is said to handle more Government bonds than all its rivals put together. Last week C. J. Devine & Co. was busy, for the Treasury offered its first new money financing in the open market in over...
The shortage of those eminently bourgeois institutions, savings banks, seemed particularly to bother Commissar Zverev. who deplored that "430 districts of the Union are completely deprived of savings institutions." He promised to open this year 5,700 new savings banks. Finally he gave a sweeping pledge to "rationalize" the now...
This brings up for revision the most distinctively Communist contribution to Russian finance. It is a Communist contention that the crushing burden of taxes borne by workers under a capitalist state is largely lifted in the Soviet State by turnover taxes. As a capitalist buys materials and adds a profit...
Commissar Zverev in the course of his ringing budget speech ranged far & wide over all phases of Soviet Union life in striking phrases. There are 33,000,000 pupils in Soviet elementary and secondary schools, he declared, and the proletarian State boasts of no less than 50,000,000 bondholders...