Two lucky people : memoirs by unknow

Author:unknow
Language: eng
Format: epub
Tags: Friedman, Milton, 1912-2006, Rose D, Economists, Markteconomie, Economische filosofie, Autobiographie
Publisher: Chicago : The University of Chicago Press
Published: 1998-01-29T19:00:00+00:00

^ Our Wanderjahr: 1962-63 <-

thereby to higher actual inflation. I have no idea whether I convinced anyone since I did not follow closely the future development of Taiwanese denomina-tions.^^

Another phenomenon that I had come across elsewhere but was especially important at the time in Taiwan was the use of postdated checks as a short-term credit instrument. Small businesses had little access to banks for credit. Equally important, usury legislation limited the interest rate that could be charged on loans, which partly explained the limited access to banks. A favorite device to avoid these problems was for the potential debtor to issue a postdated check to a friend or business acquaintance, who would pay for it not the full amount on the check, but whatever sum was agreed to by the two parties. The creditor might then endorse the check to a third party, who would similarly redeem it for an agreed sum. As the number of endorsements increased, the credit quality of the check increased. In this way postdated checks served as a very flexible and useful credit instrument. I was particularly intrigued by this phenomenon because, as I noted in chapter 3, it so closely resembled the expedient my parents resorted to in their modest retail enterprise when they were short of cash—which was most of the time.

Japan, Then Home via Honolulu

{ Rose } After our junket to Taiwan, we returned to Japan for a final fling. We had not been to the southern island of Kyushu but had heard wonderful stories about the hot springs and volcanos there, and our friend Nishiyama recommended strongly that we spend a few days with our children visiting some of the sights in and around Beppu. So, we decided on this last fling and Chiaki as usual contacted friends there who would accompany us on that part of our trip.

We went to Beppu by steamship rather than by railway because we thought it would be more relaxing, and it was. We have no detailed notes on or memories of our visit to Beppu. I have vague recollections of our amazement in seeing the boiling ponds. The overpowering aroma of sulfur mixed with many other minerals is a more distinct recollection.

A few more days in Tokyo saying farewell to the many friends we had made plus a few more trips to favorite gardens brought us to the end of this wonderful year. We had decided to come home by ship, leaving Yokohama on the American President Line's President Cleveland for Hawaii. We were hesitant to take the ship all the way to the Pacific Coast because we thought it would become tiresome so decided to get off in Hawaii and fly to the Coast.

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