Word: deficit
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Dates: during 1960-1969
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Early figures also indicate that the U.S. payments deficit in the fourth quarter jumped to between $1.2 billion and $1.5 billion, roughly as high as it was for the first three quarters combined, thus putting into foreign hands even more money that is redeemable for gold. Though the deficit fell from $3.3 billion in 1963 to some $2.65 billion in 1964, the new figures were much higher than Washington had expected...
President Johnson's request for the smallest foreign aid budget ever - $3.38 billion - was clearly influenced by the necessity of stemming the U.S. gold outflow and payments deficit. The Government planned several other measures to narrow the payments gap. The Treasury's new Under Secretary, Fred Deming, said that his department might place a tax on U.S. bank loans abroad, which amounted to between $2 billion and $2.5 billion last year. The Treasury will also begin to sell an additional $100 million weekly in short-term securities, offering higher interest rates to attract buyers; by thus edging...
...money, most trade is paid for in gold or in the two internationally accepted "reserve" currencies whose value is backed by gold: dollars and pounds.* This system has led to the creation of such organizations as the International Monetary Fund, which lends reserve currencies to nations with a trade deficit, and the World Bank, which gives underdeveloped nations needed capital...
Because it puts so many dollars into foreign hands in the form of foreign aid, military aid, tourist spending, investment and loans. Last year all these added up to almost $10 billion. Result: despite its healthy $7.2 billion surplus in foreign trade, the U.S. ran a foreign-payments deficit of about $2.65 billion or more...
What Has the U.S. Done to Narrow the Deficit...