Word: billioned
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Dates: during 1950-1959
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...Under Secretary of State C. Douglas Dillon, on a flying trip to Europe, preached the need to end European discrimination against the dollar and for prosperous Europe to do its bit elsewhere. The U.S., having donated or lent $75.8 billion to foreign countries since 1945, could not bear the burden alone, nor could any single nation. ¶ Britain's Sir Oliver Franks, onetime ambassador to Washington, and now chairman of Lloyds Bank, coined a vivid, if not quite precise, name for the new need. Instead of a familiar East-West crisis, he talked of a North-South axis, proposed...
...uncertainty about investing heavily in inventory before a settlement is reached. But the Federal Reserve Board also eased money to take care of the usual extra demands around Christmas by permitting member banks to count a percentage of their vault cash as reserves, thus in effect adding some $1.4 billion in lending power...
...slight easing had no effect on interest rates. The U.S. Treasury last week sold its 13-week bills at 4.5%, the highest point in history for its shortest-term borrowing, partly because only the week before it had drawn heavily on short-term funds with a $2 billion offer of 320-day bills at 4.86%. Bankers expect even greater pressure when a steel settlement is made and a rush for supplies and postponed expansion exerts new pressure on the money market...
...BOMBER CUTBACK jolted the aircraft industry, resulted in 2,000 layoffs at North American Aviation, less drastic reductions at subcontractors Boeing, Lockheed and Chance Vought. Already stuck for $500 million in development costs, the Air Force has trimmed its $3.5 billion program for 62 combat-ready planes, has given North American the go-ahead on only two prototypes, which will be ready...
...CONSTRUCTION will hold steady, the Department of Commerce forecasts. Construction dollar outlays will rise by 2% to $55.3 billion, but the increase will be because of higher prices...