Word: dollar
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Dates: during 1970-1979
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...well by doing good. What is needed is a reorganization of the aid program in order to centralize its di rection, clarify its aims and display to the U.S. people that its lofty missions can produce down-to-earth results. As the early reaction to Carter's multibillion-dollar pledge in the Middle East showed last week, the nation is willing enough to assist other peoples if there is a reasonable promise that the investment will produce political or humanitarian benefits. -Frank Trippett
...Saudis feel they are the suckers of th world In their own sardonic way, they even joke about it. They say that they have piped out their black gold but the paper money they have accumulated in return for it has suffered from the decline of the dollar. They are worried about the shakiness of the international monetary system and of some Western banks in which they have put their money...
...voice that sounds like retsina tastes, sharp and rich, Zombanakis argues that the U.S. must strengthen the dollar for many reasons, not least so Saudi Arabia and the other OPEC countries will continue to sell their oil for dollars To do that, he says, "Washington must realize that the dollar can no longer act as the sole reserve currency in the world. The dependence of the world on the dollar is not a blessing but a curse for America...
...dollar is weak, he believes, because it is the only significant international trading currency and more than 75% of the official reserves of all non Communist countries are held in dollars. This unique dominance has enabled U S banks to lend out so many billions of dollars that the world is awash with them, and their value has been tumbling. Nobody knows how Turkey Zaire, Peru and many other impecunious countries will ever pay back their loans to Citibank, Chase or the rest of the big U.S. lenders. The debtor countries, pleading poverty, could indefinitely defer repayment. Then the Federal...
...strengthen the dollar, Zombanakis continues, governments must devise a new system, a collective responsibility that would spread the risks of financing international debts. One way would be to set up a world central bank that would issue a new reserve currency to supplement the dollar. Perhaps a revised International Monetary Fund could fill that role, in Zombanakis' view, and the IMF's Special Drawing Rights could serve as the new money. The SDKS would be backed by deposits from the countries that have large surpluses−notably Saudi Arabia, West Germany and Japan−as well...