Word: deficit
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Dates: during 1960-1969
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THAT confidence has been shaken, virtually shattered, by the British devaluation and the prospect of an enlarged U.S. balance-of-payments deficit. Speculators took a look at the vast foreign holdings of dollars and were convinced that the announced dollars price of gold could not be maintained; they wanted to be holding gold if the U.S. devalued...
LAST week was not a happy one for Lyndon Johnson. It was a time of reckoning for his Vietnam policy, politically in New Hampshire, economically in the London gold pool and on Wall Street. The economy has been distorted and the balance-of-payments deficit exacerbated by the war effort. The Administration can no longer hope to disguise or postpone these problems; it must come to terms with them now, and the terms are bitter...
...tiered price for gold announced Sunday afternoon is commonly admitted to be only a stopgap measure. In order to restore confidence in the dollar, the U.S. has to cool its overheated economy and reduce the payments deficit. There are a number of coolants available. The Federal Reserve can raise the discount rate in order to curb investment demand, which it has done, or it can take steps to check the growth of the money supply or even reduce it. But neither of these methods will be adequate; it has become necessary to sharply reduce the federal budget deficit...
Since the dollar serves as a substitute for a genuine international currency, expanding international trade requires an expanding supply of dollars to be used in transactions. Dollars are supplied to the international economy only when the U.S. has a balance-of-payments deficit, which means that U.S. deficits must provide the lubricant for international trade. Thus the inherent contradiction in the present system: U.S. deficits are essential to expanding trade, but a chronic deficit causes loss of confidence in the dollar, which must be restored by reducing the deficit--which serves to check expansion of international trade...
...business school in 1955 when Pitt chose him as chancellor; in no time, he had kicked off a $126 million program to expand the campus, nearly double the faculty, and vastly improve the school's academic reputation. Such dynamism-though it left Pitt with a $19.5 million deficit by the time Litchfield departed-spilled over into industry, where he was a director of Avco and Studebaker Corp. and, from 1956 on, head of S.C.M., where he assembled a management team that lifted the typewriter maker out of the red to profits that hit $23.6 million last year...