Word: deficits
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Dates: during 1960-1969
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...Greek-style, from the bottom up after an initial downstroke. Yet as a businessman, Hartford sometimes works from the top down. He has emptied treasure into such disparate ventures as Show magazine (sold for a $7,000,000 loss), Manhattan's Gallery of Modern Art (annual deficit: $580,000), an automated parking garage and, inevitably, his Handwriting Institute, now defunct...
...Gulf Oil Senior Vice President W. W. Adams have pointed out that the restraints on spending abroad will weaken the country's balance of payments in the future. Haider also urges cuts in the Government's nondefense spending, which, he notes, has widened the balance-of-payments deficit by increasing demand for imports and diverting some potential exports to domestic markets...
Eurodollars have been used to finance municipal borrowing in Britain, imports in Italy and even a national-budget deficit in Belgium. More and more American companies, cajoled or clubbed by President Johnson into keeping their money at home, are financing expansion in Europe out of the Eurodollar pool. Says a Zurich banker, "U.S. companies in Europe are soaking up Eurodollars like a sponge." Last week the International Business Machines World Trade Corp., overseas arm of IBM, opened a $35 million line of Eurodollar credit...
Since then the Eurodollar has flourished, born of the American balance-of-payments deficit, and nurtured by the scarcity of cheap, flexible credit in Europe. It has created a mobile, truly international capital market, far more efficient than economists could have planned. Eurodollars have been for big-league operators, since the minimum unit of transaction is usually $1,000,-000, and they are deposited on a short-term basis, 90 or 180 days being the norms. The current earning rate of a 90-day Eurodollar deposit...
Economists disagree on how many Eurodollars there are, and their estimates vary between $7 and $10 billion. The higher figure is probably the more accurate and, if so, Eurodollars have increased by about 10% in a year. As long as the U.S. balance-of-payments deficit continues, and European interest rates remain higher than in the U.S., the E$ funds are likely to grow...