Word: dampener
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Dates: during 1960-1969
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...help France battle speculative attacks against the franc, the Bank for International Settle ments and central banks of five countries (the U.S., Belgium, The Netherlands, Italy and West Germany) agreed to provide Paris with short-term credits totaling $1.3 billion. At the same time, the Basel conferees sought to dampen gold speculation by devising a scheme by which South Africa is expected to resume its sales on the world's bullion markets. In view of all this, the price of gold on the London market last week went down to $39.10 per oz.-the first time it has dropped...
...owners out of the ghetto. Such tactics only enraged most Negroes, many of whom lived above burned-out stores, as well as many others who could then find no place to buy food for their families. In Newark, Timothy Still, Negro president of the United Community Corporation, which helped dampen ghetto violence there, threatened: "We are going to take care of the arsonists ourselves, if we catch any. When we're through with them, we'll turn them over to the police. If any man burns those poor Negroes' homes down, I say goddam his soul...
...levy, which applies retroactively to the fiscal year that ended last week, is expected to raise $240 million of the $4 billion in fresh taxes provided for in Britain's latest austerity budget. By taking money from British pockets, the whole tax package is generally intended to dampen demand at home, thus help ease the country's chronic balance of payments deficit. The soak-the-rich character of the investment-income levy has the added political purpose of pleasing left-wing members of Harold Wilson's ruling Labor Party...
Back home, the U.S. last week took steps to put its economic house in order. The Fed, to dampen the U.S. economy and provide some antidote to the balance of payments deficit, decided on an increase in the discount rate. The rate, which represents the cost to commercial banks of borrowing Federal Reserve money and thus affects their own rates to customers, went from 41 to 5%. The increase meant higher interest rates on loans, less available mortgage money and, just as the Fed intended, a hold-down on all but necessary spending because borrowed money would be more costly...
...seven active members (the U.S., Britain, West Germany, Italy, Switzerland, Belgium and The Netherlands) to assure orderly trading on the London gold market, which handles 80% of the world's bullion dealings. The pool appeared most likely to: - Ban gold trading on credit, a measure designed to dampen speculative buying by those who would rather not spend cash for outright purchases. >Forbid purchases on a future-delivery basis. Because of the U.S. pledge to maintain the price of gold at $35 an ounce, such transactions have meant virtually no risk for buyers, since there is a floor below which...