Word: cash
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Dates: during 1960-1969
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...problem is serious,"said U.N. Secretary-General U Thant, as the organization's financial crisis that has hamstrung the 19th Assembly dragged into still another week. The U.N., he had only $14.6 million cash on hand needed $9,000,000 a month simply to meet payrolls around the world and normal operating expenses. As for accounts payable, some $136 million in overdue assessments were on the U.N.'s books, and U Thant issued for the first time the names of the 16 delinquents: Russia and eight other Communist nations, France, Belgium, Haiti, Paraguay, South Africa, Yemen and Bolivia...
...nation's $650 billion worth of common and preferred stocks, and such companies as G.M., A.T. & T., G.E. and IBM each have about 1,000 institutional investors. The institutions have more money than ever to invest these days, but their managers have put much of the cash into Government bonds while they shop around for bargain-priced stocks. If they decide that the market is good for further gains, that decision could keep the market rising for quite a while...
Gold still colored the decisions of governments from Paris to the Pedernales. Largely because of the French decision two weeks ago to cash in more of its dollars for U.S. gold, the U.S. gold supply fell last week by $200 million to a total of $15.2 billion - a bigger drop than occurred...
...wants dollars because of their stability and superior buying power. Many foreigners convert their own moneys into more secure dollars, then deposit the dollars in U.S. banks, where U.S. bankers invest them at a profit. On the other hand, the foreigners have the legal right at any time to cash in their dollar holdings for U.S. gold-and the U.S. thus has to maintain a multi-billion-dollar stock of gold, which earns no interest...
...present system has three almost irremedial faults: 1) the threat that Europeans will cash in their dollars for gold can be used as blackmail against the U.S. to achieve political ends; 2) since the dollars that have drained abroad are being used increasingly by foreigners to finance their trade, the elimination of the U.S. payments deficit might leave them dangerously short of reserves; and 3) there are just not enough reserves available to finance the expanding amount of world trade. How Can the System Be Improved? There is rising support for creating a new international money. More than a dozen...