Word: billion
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Dates: during 1950-1959
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Frondizi turned his back on his leftist past, turned toward economic orthodoxy. Today the improved climate for foreign investment has resulted in deals for $1.2 billion of new foreign capital, and the Communist and Peronista-run unions have been sharply curbed; e.g., out of 95 labor organizations, four operate under army orders, 13 are run by government interventors...
...rich has become a pastime enjoyed by some 40 million U.S. citizens. In just twelve years the number of boats that churn the U.S.'s waterways has more than tripled, from 2,500,000 to nearly 8,000,000. And the boom is still growing. The estimated $2.5 billion that boat lovers will spend this year will be just twice the amount they shelled out three years ago in pursuit of the nation's biggest, splashiest new pastime...
...both sides of the Atlantic of a flight from the dollar. Behind these wild exaggerations was some sober fact. In the past three weeks U.S. Treasury gold stocks have declined $176 million, a greater gold outgo than occurred in the entire first quarter. Coming after a drop of $2.3 billion in 1958-the sharpest one-year decline in history-the renewed flow of U.S. gold to foreign nations brought Treasury gold holdings to $20,255,000,000, the lowest level in 13 years...
...high of $1,300,900,000, or 21% above a year earlier. Exports of $1,441,000 were 6% below last year at the same time. The once huge gap between exports and imports has narrowed so fast that it is now running at an annual rate of $1.1 billion, against as much as $6 billion in many postwar years. With U.S. foreign aid and U.S. private investment abroad still high, the U.S. has a $3.3-billion-a-year deficit in payments...
...still has half the world's monetary gold. But there is a question how long the U.S. can afford to lose gold without feeling it. By law the Treasury must have gold reserves equal to 25% of the Federal Reserve's notes and deposits, or about $12 billion. It also must be able to redeem some $16.6 billion in foreign time deposits in U.S. banks, foreign-held U.S. Government securities and similar claims. In the unlikely event all foreign claimants demanded to be paid off in gold at once, the gold backing for U.S. currency would drop...