Word: deficits
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Dates: during 1960-1969
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...week. Worse, the system has begun to bleed Italy of funds that the country needs at home. During the first six months of this year, some $1.5 billion in capital went abroad in search of more profitable ventures. The outflow gave Italy an $897 million balance-of-payments deficit after five years of healthy surpluses...
...France the envy of other nations. Moreover, he ambitiously promised to reach those goals in less than a year. They are: 1) a balanced budget by Jan. 1, 1970, 2) an "equilibrium" between consumption and production by April 1, and 3) an end to France's foreign-trade deficit by July...
Government Example. Giscard suavely sought to appease industry by promising that the government would set an example of restraint. The 1969 deficit will be cut from $1.26 billion to $722 million, he vowed. Planned price increases by government-run gas and electricity utilities will be canceled. Military conscripts will be released a month early to swell the ranks of labor. And for the long term, the Finance Minister relayed a pledge from Premier Jacques Chaban-Delmas: so long as he is in office, government spending will rise no faster than the gross national product...
That still leaves a shocking deficit. In the early 1960s, U.S. exports exceeded imports by an average $5.5 billion yearly. This year imports are exceeding exports - by $29 million in the second quarter. With no trade surplus, the U.S. is dependent on inflows of foreign capital to offset its overseas military and tourist spending, and it is no longer getting such inflows. As stock prices declined, foreign purchases of U.S. securities dropped by $1 billion in the second quarter, to $300 million...
Treasury Under Secretary Paul Volcker last week called the deficit "one cost" of inflation, which raises U.S. export prices and sucks in low-priced imports. To control inflation sufficiently to restore a trade surplus, he added, will take "years rather than months...