Word: deficit
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Dates: during 1960-1969
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...dubious deterrent, required more than $2 billion a year. Not enough was left for the workers, whose wages lagged behind those in every other Common Market country except Italy. To add to the pinch, De Gaulle increased social security payments and cut benefits last summer to cover his budget deficit...
...against the Blues, an expansion team that hardly figured to belong on the same ice with the polished Canadiens. St. Louis twice took Montreal into sudden-death overtime. All four games were decided by one goal. In the deciding game, Montreal had to battle back from a 2-1 deficit, and it took a goal by J. C. Tremblay with 8 min. 20 sec. left to give the Canadiens a 3-2 victory...
...device was the SDR (Special Drawing Right), the IMF's answer to the need for an expanding supply of international currency which does not require that the U.S. run a deficit or that South Africa and the Soviet Union sell their gold. SDR's will never exist except on the books of the IMF; they are strictly fiat money. They are currently called SDR's because no better name has evolved (the IMF would probably welcome suggestions). They are no more and no less than their name implies; they are the right of a member nation of the IMF, under...
...reasons for its adoption are quite clear. At present there are two major types of reserves being held by nations to finance deficits and satisfy their normal transactions demands for a freely exchangeable currency: dollars and gold. The reserves of gold which the members of the IMF may legitimately hold have been frozen; they may neither sell nor buy gold on the open market without losing their right to exchange dollars for gold at the $35 an ounce price; they can only exchange a fixed amount of "$35 gold" among themselves. The U.S. is trying desperately to eliminate its balance...
However, as world trade increase, the amount of reserves required for transactions purposes will increase, as will the amounts required by nations for precautionary hedging against future deficits. As a nation's volume of trade expands, so does the range in which a possible deficit or surplus may lie, and unless a nation is willing to allow its exchange rate to fluctuate to absorb the surplus of deficit, the resources for financing deficits must increase. This adds up to an increasing demand for reserves at a time when the supply of gold is zero and the supply of dollars...