A Levite Among The Priests by Stanley W Black

Author:Stanley W Black [Black, Stanley W]
Language: eng
Format: epub
Tags: History, General, Religion
ISBN: 9780429719165
Google: wAScDwAAQBAJ
Publisher: Routledge
Published: 2019-06-06T03:41:05+00:00

5

EMB, Ltd.

Bernstein: At the time I resigned, I was not short of money, but I didn't have another job. I could have got a job teaching easily enough, but my wife didn't want that. During the summer session at Harvard, they all gave us a big party with the professors at M.I.T. and Harvard all saying how glad they are that I'd come. But she didn't enjoy it. In fact, she had to have an appendectomy while she was there at Massachusetts General Hospital. In the course of the next few years I had four or five offers from universities, but I decided not to go back to teaching. Actually, better opportunities came to me rather quickly.

After I left the Fund, I got letters from a number of Central Banks saying that they were going to miss the papers that I used to write. I thought about that and I replied that if they were going to miss my papers, I'd be glad to continue to write them and offer them on a subscription basis. I didn't know then how I would run the subscription service, but I was willing to try. I started by giving subscribers one paper a month that was reasonably long—nine or ten pages--and a shorter paper that was more topical. By the end of the year, I had developed a format that I continued for 23 years. That was to issue two research reports a month plus a letter on U.S. economic news every week or two weeks.

I started EMB, Ltd. early in 1958 and I made a lot of money out of it because I had nearly every central bank in Europe as subscribers, the BIS, the European Economic Community, Canada and Japan, and a number of developing countries. Southard kept the IMF from subscribing until he retired, at which time the Fund subscribed.

At first, I had great difficulty in finding the right way to run EMB, Ltd. I started by getting a group of people I knew, who had worked with me elsewhere. I had somebody who had been at the Treasury, jack DeBeers; I had somebody who had been with me at the Fund to do Latin American work, named Felipe Pazos, who later became the President of the Banco Nationale of Cuba (the central bank). He'd been at odds with most administrations in Cuba at one time or another--he had to escape, after Batista came in, and later from Castro. And, I'm afraid, I was one of those who persuaded him to go back when Castro first came in. In fact, for a while, I was an advisor to the Cuban National Bank down there. Then Haberler gave me a young man, who'd just gotten a Ph.D. from Harvard, and I put him on my staff.

I found very soon that to get a paper written by these people was very expensive. They needed three or four months to write a paper, because we had to cover a variety of subjects and they needed to research each paper from the ground up.

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