Word: bank
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Dates: during 1960-1969
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...replacements, Nasser chose men mainly from the academic and professional groups, which in the past have played almost no role in his governments. The new Treasury Minister is a college dean, the Minister of Education a university rector. A Cairo bank director was named Minister of Supplies and an administrator at the Aswan High Dam put in charge of the Ministry of Irrigation. Most of the new appointees were educated in Western universities, but none were known for any particular political leaning...
...world's monetary rules. They agreed to stop buying and selling gold, and to use their remaining store of the precious metal only to settle debts between nations. Thus out of their hastily called weekend meeting was born a two-tier pricing system for gold. For central-bank exchanges of gold and dollars, the familiar $35-per-oz. price continues. For speculators, hoarders and industrial users, the price was freed to find its own level in the world's marketplaces...
...price market was on both sides of the Atlantic, most bankers and economists considered it only a temporary solution to the world's monetary malaise. "All we've bought is a bit more time," said President John E. Whitmore of Houston's Texas National Bank of Commerce. Others were considerably more optimistic. West Germany's Economics Minister Karl Schiller maintained that the split-price arrangement "can endure a very long time...
...more, as some European moneymen predict, it may tempt some nations to sell official gold for the profit. Hoping to prevent that, the U.S. last week made it clear that its gold window will be shut to governments that refuse to cooperate with the new system. Could a central bank dump gold on the free market secretly? "Impossible," insisted German Bundesbank President Karl Blessing. "It would become known in twelve hours at the latest...
Almost every private and public authority of the Western countries agrees that to avoid a genuinely serious threat to the dollar, the U.S. must dramatically pare the inflationary deficit in both its domestic budget and balance of payments. Says General Director Max Ikle of the Swiss National Bank: "The welfare of the world depends on confidence in the dollar, and this now depends on American fiscal policies...