Word: deficit
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Dates: during 1960-1969
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Devaluation will make Britain's exports cheaper and more attractive abroad, thus helping to lessen its huge balance-of-payments deficit, one of the chief causes of the pound's trouble. In the arcane, gentlemanly confines of the world's money managers, Britain has long been considered a naughty boy. In such circles, a nation's currency is its honor, and Britain's has been constantly imperiled by the country's inability to earn its own way in the world. The decision of the major powers not to devalue works to make the British...
...stalled in Congress, Wall Street is betting on a credit crisis. Already, the mere prospect has helped to depress the stock market (see following story), lift some interest rates to 46-year peaks and cause bond prices to plummet. On top of voracious corporate demand for funds, the federal deficit has forced the Treasury to borrow $16 billion since midyear (apart from replacement of maturing issues). The Government had to pay 5¼% interest for some of that money last month, its highest rate since June, 1921. Last week a 3%, $1,000 Treasury bond that was first issued...
Without a surtax, Washington maintains that it will be forced to borrow as much as $22 billion in the bond market next year to finance the federal deficit. And economists in and out of the Government agree that there will be too little money to meet the demands of private borrowers as well. While the Federal Government and the country's bigger corporations will snare what they need, bond experts figure that housing, auto finance, small businesses and state and local governments will be starved for funds. This year, the Federal Reserve Board's policy of monetary ease...
...done, Ford announced that it lost $73.9 million during 1967's third quarter, compared with a $65.8 million profit for the same period last year. It was the biggest earnings setback since Ford went public in 1956, and the strike was obviously to blame. But troubling though the deficit was, Ford should make up most of its losses with a surge of sales to customers who waited out the strike...
...relieve the magazine's annual deficit of $200,000 or so, Buckley contributes his own substantial earnings from his column, from Firing Line, and from his lectures (fee per appearance: $1,000). Nevertheless, every year he has to warn of the magazine's imminent extinction unless contributions are forthcoming. The latest appeal, last June, brought 2,000 contributions, enough to make up the loss...