Word: centralized
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Dates: during 1960-1969
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...outgrowth of last year's "Radical Critiques of American Society" course. The new course will consider three of America's central social problems, imperialism, race and labor. Each section will select facets of the three problems to consider. A fourth topic will be an overview of theory...
...coalition of Kennedy and McCarthy forces took party control in July. They hope to consolidate their victory at a March, 1969 state central committee meeting, following a probable GOP sweep in local contests. Under the new chairmanship of Kennedy supporter Robert Maytag (as in washing machine), the state central committee has already built a New Politics-style coalition with Denver blacks...
Sudden Smashup. Before the central bankers hammered out final details of the scheme in Basel, the signs of a monetary storm were all too evident. Buffeted by the Czech crisis and persistent clamor for an upward revaluation of the strong West German deutschmark (a move that was drawing money out of London), the pound had sunk to within a whisker of its post-devaluation low of $2.38¼ in foreign exchange centers. Harold Lever, financial secretary to the British Treasury and a key figure in selling the scheme abroad, noted: "If the agreement had not been achieved, there would have...
That role, which the pound shares with the U.S. dollar, has long strained Britain's resources. Accordingly, the plan lifts some of the burden of maintaining a reserve currency from beleaguered Britain, shifting the cost to the multination Bank for International Settlements in Basel, as backed by the central banks of 13 industrial countries.* The London Times said approvingly: "Britain has placed the pound in the hands of the public receiver...
...into its own gold and foreign currencies to buy sterling in order to keep the pound from falling too far below its $2.40 official price in foreign exchange markets. By midyear, British reserves had shrunk to $2.7 billion, less than half the amount of pounds held by individuals and central banks in the sterling bloc alone. With huge liabilities to many other countries as well, Britain was technically insolvent...