Word: dollar
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Dates: during 1970-1979
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...decline of the dollar has compelled the Federal Government to dip deeply into its own Fort Knox reserves in its efforts to prop the faltering currency. Since early 1975, the Treasury has been holding periodic gold auctions in an attempt both to drive down the metal's price and to improve the appalling U.S. balance of payments deficit. The auctions benefit the trade balance because gold sales to foreigners are counted as exports. The International Monetary Fund has also been conducting monthly auctions, but the dollar has kept plunging anyway. In fact, a key element of President Carter...
...gold reserves to the pool that will back the new ecu. In short, the ecu will be partly supported by gold. Laments one discouraged U.S. Treasury official: "The drive to demonetize gold has clearly suffered a major reversal. In just one year the weakness of the dollar has wiped out all the progress that we made in two decades...
Until recently, gold was only one of several beneficiaries of the global flight from the dollar. Investors also chased after the "hard currencies" that were not being debauched by inflation, especially the Swiss franc, the mark and the yen. As the dollar plunged, these currencies rose along with the value of gold. That is now beginning to change as more investors conclude that ultimately no industrial nation can withstand inflation and energy-related shocks. Says Guy Field, a London gold dealer: "Last year the high price of gold reflected the decline of the dollar on exchange markets. But gold...
...good to him as the past has been. But says he: "In 1975 I started to worry about where I could put my money. I say one thing to myself: it's not the franc or gold or silver that is going up, it's the dollar that is going down, and that's what worries me. Soon we will all be making $100,000 a year, and instead of increases in buying power we'll have $1 candy bars...
...metal that comes largely from South Africa and the Soviet Union, whose governments can pump up or cut off sales at will. But gold will continue to glitter until a stable and acceptable monetary substitute can be found. In theory, there is nothing wrong with continuing to use the dollar as the world's primary currency for international trading and holdings of national reserves. But the U.S. has printed so much money to cover federal budget deficits, and has run such big balance of payments deficits, that as many as $700 billion in greenbacks are swirling like confetti through...