Word: bullion
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Dates: during 1950-1959
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...Delhi, India's Finance Minister Morarji Desai warned Parliament of the widening gap in foreign exchange, said the government may have to ''mobilize" all the nation's gold-from women's jewelry to hoarded bullion. India needs some $300 million additional credit this year, $500 million next year, more than a billion dollars by 1961. Desai found the situation so desperate that, to avoid defaulting on foreign payments, he was preparing at week's end to make his first journey outside India to plead his nation's case in London, Washington, Montreal...
...partisans also found something else: a fortune estimated at nearly $90 million, which Mussolini and his entourage were trying to smuggle into Switzerland. Besides much of the Fascist government's gold bullion and foreign currency, there were Mussolini's personal funds (including three sacks of wedding rings contributed by Italian wives to the Ethiopian campaign), the personal jewelry of Claretta Petacci and the wives of other Fascist bigwigs traveling in the convoy, and satchels of secret correspondence between Mussolini and Hitler...
Soak the Rich. Having already borrowed the legal limit from the Bank of France and hoping to borrow more to offset the government deficit, Mollet had encountered Bank of France Governor Wilfrid Baumgartner, conscientious keeper of the country's precious bullion reserves. Said smooth, silver-haired Baumgartner: "I want collateral-taxes. And quickly." Mollet's answer: a soak-the-rich tax program that hit corporation earnings, dividends and inventories, added four francs per liter...
...become nervous about their country's currency. Suggestions that the franc be devalued* were described by Mollet as "crime and imbecility.'' Although his government faces a deficit of about $2 billion to $3 billion, the hard core of France's gold reserves ($860 million in bullion) remains untouched so far. Mollet announced that he would demand a vote of confidence (his 33rd) on his fiscal plan...
Last week Franco dispatched a three-man commission to Moscow, officially to discuss repatriation of Spanish citizens, but believed to be secretly empowered to open negotiations for return of the bullion. In Franco's hard pressed condition, it was certainly well worth...