Word: dollar
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Dates: during 1970-1979
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...BROADER DOLLAR PROPPING. Until now, in their efforts to keep the dollar from falling too sharply against the muscular mark, the U.S. and West German central banks have confined their buck-bolstering efforts mainly to the New York and Frankfurt markets. Now they have agreed to intervene in all financial centers. Reason: the world money markets have become so sensitive and intertwined that a drop in, say, Hong Kong ripples rapidly throughout the world...
MORE "CARTER BONDS." Since last November the U.S. has sold $4.2 billion of so-called Carter bonds in West Germany in order to raise marks for the dollar defense. Plans have been worked out to issue more such bonds...
...latest turmoil in the gold and currency markets shook the Belgrade meeting like an Adriatic earthquake. The moneymen hovered over telex machines to catch the latest gold fixings and dollar-mark exchange rates, and swapped anxious rumors. Inter-continental Arab finance ministers ducked quietly into Bill Miller's first-floor suite at the Inter-continental Hotel to get his assurances that the dollar would be defended. Reported TIME Correspondent Friedel Ungeheuer: "An undercurrent of fear and confusion about what has been happening on the money markets ran through the corridors of the modern Sava Center, where the I.M.F. sessions...
...central bankers were especially doubtful about the President's ability to cut U.S. oil imports, a chief cause of the dollar's weakness. Only last week did Congress step up work on the energy program that Carter presented in July. Overriding objections from environmentalists, the Senate voted to create an Energy Mobilization Board that will be empowered to cut through the federal, state and local regulatory barriers that delay key energy projects. This week the Senate Finance Committee is expected to pass its version of the important windfall profits tax that will finance the new projects. The Senate...
Though the greenback strengthened a bit late last week as the markets anticipated new dollar defense moves, worry remains deep about the future of the monetary system that helped create the world's postwar prosperity. The central problem is the roughly 1 trillion footloose dollars that slosh around banks and currency markets outside the U.S. For many years during the 1950s and 1960s, Europeans complained about a "dollar gap." Greenbacks were the only currency that was accepted everywhere, though there were not enough of them around to finance world trade and development. But the dollar gap has since become...