Word: africa
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Dates: during 1960-1969
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According to the demonstrators, the law firm-Milbank. Tweed Hadley, and McCloy-is involved in aiding South Africa...
Most of the world's trading nations are suffering from the loss of the canal. In the first year alone, European countries lost an estimated $1 billion because of the increased cost of sending oil tankers around Africa. India must spend more for grain shipments, and its once profitable exports of iron ore to Europe are no longer economic. For its part, Egypt loses $300 million in annual canal revenues, though $250 million is made up in subsidies by Saudi Arabia, Libya and Kuwait...
...accountant at a steel mill, Johnson grew up in a tough Chicago neighborhood and studied economics at the city's Central College. After serving as an Army sergeant in Europe and Africa during World War II. he got an M.A. from the University of Chicago and joined the faculty, teaching economics and business management...
Squeezing South Africa. The falling gold price puts South Africa in a particularly uncomfortable position. South African mines provide 77% of the non-Communist world's gold output, but as part of a 1968 pact, central banks agreed to stop buying the metal. That strategy was intended to force South Africa to sell all its gold on the free market, thus depressing the price. South Africa tried to break the embargo but found only Portugal and some Middle East sheikdoms willing to risk the wrath of the major monetary powers by purchasing newly mined gold...
...South Africa's trade deficit is growing. The country must either sell more surplus gold to pay for imports or reduce them and invite domestic inflation. Some European bankers have been urging the U.S. to relax its opposition to South African gold sales for official reserves. Washington has rebuffed that idea, but last week Paul Volcker, Treasury Under Secretary for Monetary Affairs, suggested that if South African trade deficits grow to worrisome proportions, the country might instead sell some gold to the International Monetary Fund. After all, the IMF's main mission is to promote stability...