Word: deficits
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Dates: during 1960-1969
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Looking through our files for background material to last week's news, we were pleased to confirm an impression that TIME has for years been telling what's going on in the money world, warning about impending dangers in the balance of payments deficit, discussing proposed solutions, pointing up the need for a new form of international monetary reserves. While such subjects are often considered too complicated to have wide reader appeal, we have felt that TIME'S readers want and need to know about them. So we have dealt with them in major stories through...
...devaluation, reject ed the half measures with which Prime Minister Harold Wilson's government in the past has tried to cope with Brit ain's worsening economy. Instead, he struck squarely at the most bothersome aspect of Britain's financial weakness: a balance of payments deficit that reached $1.3 billion last year. He hopes to turn that deficit into a $1.2 billion surplus this year by the blunt and bru tal method of taking money from British pockets. If the British have less buying power, he reckons, they will import less, export more...
Sharpshooting guards Dave Bing and Jimmy Walker rallied the Detroit Pistons from a 52-48 deficit at half-time to a 109-98 victory over the Boston Celtics Wednesday night at the Garden. The win gave Detroit a 2-1 advantage in the NBA Eastern Division semifinal playoffs. The best-of-seven series resumes Thursday night in Detroit...
Mary I. Bunting, president of Radcliffe, reported that the budget deficit is down from...
Back home, the U.S. last week took steps to put its economic house in order. The Fed, to dampen the U.S. economy and provide some antidote to the balance of payments deficit, decided on an increase in the discount rate. The rate, which represents the cost to commercial banks of borrowing Federal Reserve money and thus affects their own rates to customers, went from 41 to 5%. The increase meant higher interest rates on loans, less available mortgage money and, just as the Fed intended, a hold-down on all but necessary spending because borrowed money would be more costly...