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...price drop was caused chiefly by President Kennedy's pledge not to devalue the dollar and to make full use of the U.S. gold supply to back it. Added to this was discreet British buying of gold from the U.S. to increase the market supply and drive down prices (with tacit U.S. approval) and a belief among Europeans that the U.S. recession may not be long or hard, will not call for a drastic easing of credit or a sizable drop in interest rates. In 1960's fourth quarter, the stepped-up flow abroad of short-term capital...

Author: /time Magazine | Title: Business: Stemming the Outflow | 2/10/1961 | See Source »

Vice President Lyndon Johnson, who in keeping with his new office now wears a discreet grey fedora instead of a wide-brimmed Stetson, is taking seriously his responsibility as chairman of the National Aeronautics and Space Council. After a Kennedy task force recently submitted its report on the nation's space goals, Lyndon flew off to Texas to study the document, came up with some recommendations of his own. Among them: tighter Government control of space activities, a priority list for projects, a crash program, if necessary, to develop more powerful rocket boosters...

Author: /time Magazine | Title: National Affairs: Capital Notes: Jan. 27, 1961 | 1/27/1961 | See Source »

With this news, even steelmen, who have been wrong about their 1960 prospects so often that they have lately maintained a discreet silence, felt more optimistic. U.S. Steel Chairman Roger M. Blough, who last October said that inventories would drop to the 11-12 million-ton level by November, reported in a letter to stockholders that inventories had reached "about the same level they were at the end of the 1959 strike, an estimated 10-11 million tons," and are not likely to undergo "any appreciable further cut. The prospect of an improved operating rate in steel seems much more...

Author: /time Magazine | Title: Business: Plants & Equipment: Steadier | 12/19/1960 | See Source »

Catholic authorities in the U.S. maintained a discreet silence about the controversy, but privately many felt that the Puerto Rican bishops had gone too far. Legally there was no doubt that the bishops were within their rights. The Vatican generally seemed to support the bishops, recalling that Pope Pius XII had declared it a sin to vote for the Communists in Italy's 1948 election (an edict that the Italian clergy was never able to enforce). Nevertheless there was room for argument and interpretation...

Author: /time Magazine | Title: Religion: When Is Voting a Sin? | 11/28/1960 | See Source »

...which the Puerto Rican bishops belong. But 90% Catholic Puerto Rico, though a part of the U.S., has a Spanish-speaking population and Spanish traditions, and is considered by Rome and by the island's bishops a part of Latin America, where prelates are more active and less discreet in politics...

Author: /time Magazine | Title: National Affairs: Fuss in Puerto Rico | 10/31/1960 | See Source »

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