Word: deficit
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Dates: during 1960-1969
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...plunge in the price of Ghana's cocoa, a surge in India's food imports. Ironically, the sterling area's ailments have been aggravated by Britain's attempts to buttress the pound and by the U.S.'s program to end its own payments deficit. Because of the cutback in U.S. and British loans and investment, Australia's reserves fell from $2 billion in January to $1.5 billion in May. India's reserves are down to an alltime low of $171 million, and the country is amid a financial crisis...
...request in writing that it be delivered," said Justice William O. Douglas. "This amounts in our judgment to an unconstitutional abridgment of the addressee's First Amendment rights." In short, he may be embarrassed or harassed, just because he likes to read things that upset other people. The deficit-ridden Post Office is hardly dismayed. By quitting the censorship business, it can now save $250,-000 a year...
When Americans spend more abroad than foreigners spend here, the U.S. suffers a balance of payments deficit, dollars flow out of this country and other central banks begin demanding gold in exchange for their currency. The gold stock declines. People begin to doubt that the U.S. will always have enough gold to maintain the present rate of exchange. And a run on the dollar, precipitated by the fear of devaluation would cause a major world crisis by undermining the value of the dollars which central banks use as reserve assets...
...balance of payments deficit grows, this fear is spreading. Charles de Gaulle, who is now carrying on an open money war with the U.S. just to prove that the present system won't world, insists on returning to the gold standard. Most economists believe that the gold standard would cause periodic recessions in every country--sacrificing economic growth and full employment for monetary stability. But they all agree that some kind of change is necessary...
...pound, brought down the Labor government and had profound effects on the West's entire monetary system. When the moneymen speak, governments listen carefully. They practically forced the Wilson government to take restrictive measures, pressured the U.S. Government into steps to correct its chronic balance-of-payments deficit and helped cool the sterling crises...