Word: deficit
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Dates: during 1960-1969
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...David Sarnoff pointed out that their companies already have favorable trade balances, thus implying that the President could expect little more from them. A number of bankers echoed the criticism made by European financial leaders that Johnson had attacked the symptoms rather than the basic causes of the deficit. They pointed out that, in a rush to beat the voluntary controls, U.S. banks have probably already exceeded 1965's proposed limit of $500 million in new foreign loans. Other businessmen viewed the investment restrictions as barriers to the worldwide movement toward freer trade and freer exchange of capital...
...prospect of mandatory controls if this program fails, most U.S. businessmen abroad will probably borrow more from foreign bankers and transfer more of their foreign profits to the U.S. That will make for costlier operations and slower expansion overseas. It will also, by Government reckoning, cut the U.S. payments deficit from $3 billion last year to well under $2 billion this year-and to $500 million soon after...
...FOREIGN INVESTMENT. The most difficult of the proposals to realize will be Johnson's call "to enlist the leaders of American business in a national campaign to limit their direct investments abroad, their deposits in foreign banks and their holding of foreign financial assets" until the payments deficit has been redressed...
...million last week, falling below $15 billion for the first time since 1939, and France's Charles de Gaulle was intent on making more mischief for the dollar (see WORLD BUSINESS). Johnson's advisers divided into "Hawks," who wanted to take strong measures to counter the payments deficit, and "Doves," who felt that stern restrictions would damage the nation. Johnson heeded the Doves, among them Commerce Secretary John Connor and President Donald C. Cook of American Electric Power Co., a prime Johnson adviser who will become Secretary of the Treasury this spring when Douglas Dillon leaves...
Changing the Books. Along with its new efforts to halt the payments deficit, the U.S. is changing its views on some long-held practices and policies. In his message last week, Johnson indicated that he favors Europe's liberal system for measuring the balance of payments. Under it, dollars held by foreign citizens or private banks would not be considered liabilities, as they are now, while dollars held by foreign governments and central banks would continue to be so considered. If the U.S. were to adopt that system of accounting, it would slash its payments deficit ($3 billion last...