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...such a day, 17 countries of Western Europe pledged themselves, back in 1955, to settle their foreign-trade accounts through a new organization called the European Monetary Agreement. Unlike E.P.U., it will not automatically extend credits to nations that run a deficit in their inter-European trade. Without the cushion of automatic credits, all Western European nations-and especially France, which ran up a $460 million deficit in E.P.U.-will have to keep inter-European payments more closely in balance than before. Along with this consequence of convertibility went another risk -the prospect that any of the ten new "convertible...

Author: /time Magazine | Title: WESTERN EUROPE: Toward Freedom | 1/5/1959 | See Source »

...Orleans boat builder (World War II PT-boats), demonstrated a new 52-ft.-10½-in.-long aluminum boat that can carry 30 passengers at 40 m.p.h. in rough waters. The boat's hull has a series of protruding edges angled to reduce water resistance and cushion pounding. Two 500-h.p. gas turbine engines power the craft. Price: about...

Author: /time Magazine | Title: GOODS & SERVICES: New Ideas, Dec. 8, 1958 | 12/8/1958 | See Source »

...Board fumbled the job, adding to the trouble. The Fed, which regularly buys 91-day Treasury bills as part of its normal operations, cryptically announced that it was "broadening" its open-market operations. This led many to believe that the Fed intended to buy enough long-term bonds to cushion the market; it gave courage to the market, attracted buyers back into bonds. But the Fed's purchases were limited to buying $1 billion of one-year certificates to aid the Treasury's July refinancing operation. As the effect of this wore off and hopes for more substantial...

Author: /time Magazine | Title: Business: Rout in Bonds | 8/18/1958 | See Source »

...bounce-back stemmed from a combination of good luck and government help. Last year, when the economy was still riding high, hundreds of school boards and town councils voted to go ahead with building plans; work on schools, roads, city halls, sewers and hospitals got going in time to cushion the worst of the recession. The Tory federal government of Prime Minister John Diefenbaker also pitched in with spending so heavy that the new budget of $5.3 billion shows a deficit of $640 million...

Author: /time Magazine | Title: CANADA: Fading Recession | 7/7/1958 | See Source »

...Though it cost only 7? at the base PX, it made a far more vivid indicator of the zero-gravity state than the electronic accelerometer in which the Air Force has invested millions. As my bottom, squeezed to insensible bloodlessness during the 4-g pullout, rose from the seat cushion, I felt the exhilaration of restored circulation (and noted the lasting aptness of the old barnstormer's motto: you fly by the seat of your pants). I "dropped" the sinker in front of my masked face. It stayed there, floating. The merest delicate touch sent it gliding, featherlike, right...

Author: /time Magazine | Title: Medicine: HOW TO GO WEIGHTLESS | 6/9/1958 | See Source »

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