Word: deficit
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Dates: during 1960-1969
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Hello, Joe. Starting off with new Treasury Secretary Henry ("Joe") Fowler, who was attending his first official Cabinet meeting, Busby called for round-the-room recitations. Fowler's contribution was that "considerable improvements have been detected in a preliminary way" in efforts to trim the balance-of-payments deficit. However, he added hastily, "it is too soon to make any predictions" about reductions in the first quarter of 1965. His piece said, Fowler slipped from the room...
...view of the weakness of the pound and the U.S. balance of payments deficit, the Common Market may soon take initial steps toward a joint monetary policy; and the Paris Club of Ten, an elite group of central bankers from major world countries, is expected to consider some form of automatic control to regulate the accumulation of dollars by central banks...
...past years, the Treasury has induced central banks abroad to retain their dollars instead of converting them to ingots. Using "Roosa bonds" (named for former Under Secretary Robert Roosa) and complicated currency swaps the Treasury has "financed" the balance of payments deficit. Foreign central banks have backed a portion of their currency with dollars (and pounds), just as the Federal Reserve backs our own currency with gold. Last year, as a result, the deficit was 3 bilion dollars, but the gold drain was only 125 million...
...should be noted," says a report by the monetary committee of the European Economic Community, "that the 1964 American deficit was financed largely through the holding of dollars by developing countries. If and insofar as the dollar holdings of the developing countries are transferred to community countries, which usually hold a large share of their reserves in gold, the U.S. might find itself required to cope not only with the problems of financing the 1965 deficit, but also with the need to refinance that...
Confidence in the dollar has ben bolstered temporarily by President Johnson's determination to eliminate the deficit in our balance of payments. But increased gold losses this year may undermine that confidence, inducing foreigners to cash in their dollars on a larger scale. Even departing Secretary of the Treasury C. Douglas Dillon concedes the desirability of some revision in the present monetary system. When the U.S. "gets into balance," he told the House Banking Committee some weeks ago, "the world will need to consider whether some other form of reserve asset than the dollar will be needed." The gold loss...