Word: deficit
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Dates: during 1960-1969
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...Goes the Diesel. The balance of payments deficit amounts to a trifling one-half of 1% of the nation's $800 billion gross national product. But a continuation of such deficits could erode confidence in the dollar to the point where the potent U.S. economic diesel might just go pop. Congressmen generally agreed that something had to be done-quickly. There was grumbling on Capitol Hill, to be sure. Minnesota's Democratic Senator Eugene McCarthy said that the moves were "too defensive-like punting on first down." A number of Congressmen objected to the idea of curbs...
...overwhelming conviction of money experts is that the most important change needed right now is for the U.S. to bring its balance of payments deficit down to about $1 billion. The deficit in recent months has been running at an annual rate of well over $5 billion. That might not seem like much, considering that the U.S. produces more than $800 billion in goods and services annually. The U.S. could be compared to a man who earns $8,000 a year, has a rising income and a debt of only $50 to a creditor in another city. He doesn...
...answer is that there is a basic difference between the money that a country spends domestically, and the money that it spends abroad. When a country runs a deficit abroad, it usually must settle up quickly or else foreign creditors cut it off. When that happens, the debtor country often has to resort to deflation, cutting back on jobs and incomes to reduce demand and imports. In sum, a debtor nation tends to lose some of its sovereignty and freedom of action. No U.S. leader wants that to happen here, but then, none can deny that the U.S. position...
There is no cheap or easy way for America to solve its deficits dilemma. No matter how it tinkers with the golden rules, it ultimately will have to achieve what the bankers call equilibrium-which is to say, a surplus or deficit of not much more than $1 billion yearly. As soon as it does that, the gold problem will disappear. "Then," says Germany's top banker, Emminger, "the U.S. can do whatever it wishes about the gold price. Then everyone, or almost everyone, will be quite content to hold onto his dollars. There is no advantage in holding...
...earners from what was fondly called "no-work pay" in the old days, and shipped tons of coins bearing Nkrumah's likeness to be melted down in the British Mint. By devaluing Ghana's currency 30%, Ankrah has shrunk imports and wiped out a foreign trade deficit that totaled $840 million when he took over. He has given such U.S. companies as Firestone Tire & Rubber and Union Carbide contracts to revitalize Nkrumah's mismanaged state corporations...