Word: centralized
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Dates: during 1960-1969
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...week's end, Dubček announced that the party Central Committee would gather next week to discuss more "personnel changes." As for Novotny, he continued to tour factories, where he no doubt tried to win worker support by predicting unemployment, inflation and other hardships from Dubcek's reforms. It seemed clear, however, that the party was about to nudge Novotný off his last perch in the government. Already three men were mentioned to succeed him as President: Minister of Forestry Josef Smrkovsky, 61, General Ludvik Svoboda, 61, and Deputy Prime Minister Oldřich Černik...
That being the case, the U.S. had the responsibility of doing what it could to provide the remedies that would end the crisis and restore sanity to the gold markets. Treasury Secretary Henry Fowler and Federal Reserve Board Chairman William McChesney Martin last week invited the central bankers of Britain, West Germany, Italy, Belgium, The Netherlands and Switzerland to a weekend meeting in the massive, paneled board room of the Federal Reserve Board in Washington...
Steps Taken. Alarmed by earlier buying of gold, the same central bankers, only six days before their Washington conference, had held a similar session in Basel. There the Fed's Martin reasserted the U.S. intention of maintaining a $35-an-ounce price on gold, persuaded his peers to keep the pool going. In spite of their agreement to do so, rumors spread-and were vigorously denied-that both Belgium and Italy were dropping out of the pool; the rumors only fanned the flames of speculation. Martin emerged from the Basel meeting to describe himself as "satisfied" with its decisions...
...Italy, Jelle Zijlstra of The Netherlands, and Edwin Stopper of Switzerland-favored the view that the time has come to try the "two-tier" system of gold prices that many an economist has been urging. Under the two-tier idea, the U.S. and its economic allies would continue central-bank exchanges of gold and dollars at the $35-an-ounce price. But "mercantile" gold-that which is bought by speculators and industrial users-would be left free to seek its own price. The advantage of the system is that the open-market price might very well drop low enough...
...tier system, like the foundering Gold Pool, would be used as merely a short-term solution to the gold drain. Before long the central bankers hope to implement the idea of special drawing rights that could be used as reserves along with gold and dollars. The S.D.R.s would be certificates representing members' credits in the International Monetary Fund. They would make it less necessary for other governments to hold so many dollars in reserve-and less burdensome for the U.S. to redeem these dollars with gold...