Word: deficits
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Dates: during 1960-1969
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Secret Meeting. Since the Europeans had made the victory possible by agreeing not to buy South African gold in the first place, the U.S. could hardly refuse their request to ease the boycott. For its part, South Africa was ready to sue for peace. Its 1969 trade deficit reached an estimated $700 million by October, largely because of imports of machinery needed to modernize its economy. Unless the South African government could sell more gold at a good price, it would have to either 1) pursue risky policies of austerity and deflation during an election year, or 2) restrict imports...
...meeting last week in Rome, South African Finance Minister Nicolaas Diedrichs and Paul Volcker, U.S. Treasury Under Secretary, framed a compromise. It would permit South Africa to sell a certain amount of new gold to the International Monetary Fund whenever the country's balance of payments was in deficit and the free price sank to $35 or less. The I.M.F. would pay the official price of $35 and could then resell the metal to central banks. The deal would provide a floor under the gold price, and something of a ceiling as well. Since the I.M.F. would buy only...
Kouandété, 30, is becoming quite a President-maker-and unmaker. He masterminded the 1967 coup against General Christophe Soglo, who had himself overthrown three previous Presidents. Kouandété replaced Soglo with Zinsou, who struggled to overcome Dahomey's budget deficit of $3,000,000 by cutting government salaries and freezing wages. He succeeded only in setting off a series of strikes. His undoing came when word leaked out that he planned to cut the army's size and replace Kouandété. Despite the drawbacks of the job, the candidates are already...
...inherited from Lyndon Johnson and ordered reductions in Government construction. Congress has consistently voted this fall to raise federal spending above the levels that the White House wants. Last week Nixon announced that he would impound appropriated funds, if necessary, to keep the Government from running an inflationary deficit in fiscal...
...Federal Reserve tinkers constantly with the money stock, much to the distaste of Friedman, who advocates a policy of moderate, steady expansion. For example, the board expands the supply during periods of peak demand, as it did to an extreme degree to help the Treasury finance its huge deficit in fiscal 1968. Through the same kind of maneuvering, the board tries to smooth the ups and downs of the business cycle. Friedman