Word: deficit
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Dates: during 1960-1969
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...foreign exchange. Within a few years after the triumphant revolution nationalized the mines, production and efficiency sank to the point where the mines ceased to be profitable. In recent years, they have produced only about 17,000 tons of tin a year, have operated at an average an nual deficit...
Racing at Saratoga is hardly lucrative. The unrepentantly old-fashioned track holds only 30,000 spectators (v. 80,000 at Long Island's Aqueduct) and earns enough money to cover only 90% of its purses. The New York Racing Association makes up the deficit. That annoys Albany politicians, who nowadays count on racing revenues to provide some $110 million (about 4%) of the budget, and would like an even bigger take. But a tradition-honoring state law guarantees Saratoga 24 days of racing each year, and horsemen insist that they will never give them up. "Not till the springs...
That the U.S. finds itself in a payments squeeze is a measure of the poor state of the world's monetary system. Last week a Government-financed report by the prestigious Brookings Institution found that the real problem is not the transient U.S. payments deficit, but the lack of enough gold and currency reserves around the world to finance the growth of global trade. The report foresaw a U.S. payments surplus by 1968, but even that would be no full solution; a surplus will lead to deficits for U.S. trading partners, which will then react by restricting their imports...
...gold stocks have dropped $100 million so far this month, to a 24-year low of $15.6 billion, a top economic adviser to President Kennedy conceded that "our old program had become an obvious failure." Washington hopes that its new program will cut the U.S. balance-of-payments deficit-which rose to an annual rate of $3.2 billion in the first quarter and is growing worse-by $2 billion in the next 18 months. It now predicts a payments surplus by 1967 or 1968. But despite the new moves, two of the biggest drains on gold-U.S. foreign...
European financial leaders, however, generally applauded the U.S. move; most of them are convinced that their continent's prosperity depends on a sound dollar. "The U.S. payments-balance deficit could not, in fact, be allowed to go on any longer," said French Finance Minister Giscard d'Estaing. Added Dr. Otmar Emminger, chief of the German Federal Bank: "The U.S. has taken ingenious measures that avoid direct exchange controls and do not affect its domestic economy...