Word: dollar
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Dates: during 1970-1979
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...principal cause of the stealing is the booming art market, which by some estimates totaled a robust $5 billion in the U.S. last year. Increasingly, people are buying art works as hedges against inflation and a weakening dollar. Art prices have risen to levels that even the least cultured brigand can appreciate. Says FBI Art Thefts Investigator Thomas McShane: "Thieves read about these prices and they realize they can cut themselves in on some very valuable booty...
...governments too are beginning to come back. It might even be argued that they never really left in the first place. Though U.S. policy since 1944 has been to "demonetize" gold and thereby reduce its importance as a store of any nation's wealth, the link between the dollar and gold is stronger than it has been in years...
Together, the developments pitched Wall Street into a funk, pushed the dollar into another slide on the money markets, after more than two months of relative stability, and sent gold leaping to a record $254 an ounce in Europe...
...sharp were the financial reverberations set off by Schlesinger's rather overwrought vision of a coming energy crunch that the Administration felt obliged to send forth Treasury Secretary W. Michael Blumenthal in the dollar's defense. Before a Senate committee, he cited Schlesinger's remarks about oil and said that this was "clearly the type of thing that causes people to run for gold." (Aides later maintained that Blumenthal had not been commenting on what Schlesinger had said, but on the Iranian situation itself.) Blumenthal forcefully reiterated that the Administration remains committed to maintaining stable market conditions...
...hurting? Evidently it is a minority of farmers who unwisely took on onerous debts in the mid-1970s to buy costly new acreage in the be lief that prices for farm land would continue to soar. The typical farmer, who has a modest 170 in debt for every dollar in assets, has no need to raise Cain in Washington...