Word: centralizer
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Dates: during 1970-1979
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...fate of the dollar calls into question the way the whole world does business. The international monetary system is a precarious structure held together largely by paste, baling wire and confidence in the dollar, since it is the currency in which most international deals are made and which central banks keep in their vaults as reserves. During recent runs on the dollar, the first signs of financial panic could be seen. World money markets now resemble the urban ghettos of the 1960s, when a random traffic ticket or barroom scuffle could set off days of bloody rampages. The most implausible...
...prevent a further fall in the value of the greenback, the U.S. Government, in close cooperation with leading foreign central banks, should step in and buy large quantities of dollars on world markets. This would require assembling a vast war chest of funds to show currency speculators that Washington has the money to back up that policy. Two fast and impressive steps would be increasing sales from the nation's $60 billion gold reserves, as former Federal Reserve Chairman Arthur Burns suggests, and enlarging the so-called swap network of dollar defense funds from $25 billion to $100 billion...
...search of greater stability, many countries are beginning to turn away from floating rates. The Europeans are moving to set up among themselves rates that would diverge very little because central bankers would manage them. On the other side, the U.S. has steadfastly argued that only floating rates can avoid the old rigidity and periodic crises. But Princeton Economist Peter B. Kenen asks, "Can the U.S. be content with a monetary system in which we have no role except to complain that there is too much management of currency values, or would we be better off to participate...
...should join the trend toward more managed exchange rates, something of a compromise between fixed and floating rates. World central banks would have to cooperate closely, buying and selling currencies in order to keep the rates within certain ranges. Former Under Secretary of the Treasury Robert V. Roosa says that a first step toward this arrangement would be to set up "reasonable ranges of value for the three key currencies - the dollar, mark and yen." Other currencies would quickly fall into line behind the big three. The IMF could monitor national economic activity and recommend when currency values should...
...hall workers may well denounce the renegotiated contract. While the University does offer them a wage increase, many at the union meeting contended that the increase is still not enough to keep up with inflation. But more importantly, the University has made no concessions on benefits, the issue of central concern to most of the kitchen workers. Harvard now provides the dining hall workers with absurdly low pension payments--$90 a month after 25 years of service, and a 10 per cent reduction if a worker retires before age 62, and did not improve the pension plan in the contract...