Word: dollar
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Dates: during 1970-1979
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Further, a collapse of the dollar, the world's central trading currency, could paralyze global trade and investment. That could lead to a severe recession, not only in the U.S. but worldwide. Said one Belgian expert: "The world was facing its worst economic crisis since...
...Fund convened in Washington. Even that early, the outlines of the Stage II anti-inflation program had been extensively leaked and discussed in the press. Foreign and American bankers warned U.S. Government officials that if the policy went no further than indicated by the reports they had read, the dollar would continue to fall. Immediately after the IMF meeting, Blumenthal assigned Treasury Under Secretary Anthony Solomon to meet secretly with Fed Chairman G. William Miller and plan what to do in a "worst case" of threatened dollar collapse. Solomon, Miller and two aides met regularly through October but kept their...
...Friday morning, Oct. 27, less than three days after the Stage II speech, it was obvious that the hope was in vain. Blumenthal phoned Carter and told him that something had to be done immediately to save the dollar.* The two huddled privately that afternoon following a Cabinet meeting. Carter told the Secretary to accelerate the planning but maintain deepest secrecy...
...Saturday, Oct. 28, Blumenthal, Solomon, Miller, Anti-Inflation Czar Alfred Kahn and Council of Economic Advisers Chairman Charles Schultze agreed on the main elements of the dollar-rescue plan during a four-hour meeting in Blumenthal's conference room. Most of the ideas were first voiced by Solomon, but they were scarcely new; non-Government people had been urging them for months. The group decided to get Carter's approval that night...
Even before last week's measures. Carter's political advisers were worried lest the new economic line alienate supporters on the President's left. Consumerist leaders, for example, are most unhappy about the prospect that regulation might be relaxed. The anti-inflation, save-the-dollar effort might well stir discontent among low-income voters, who may see it as pro-business (though a recession would hurt business sales and profits). Yet Vice President Walter Mondale reported to a final meeting Tuesday night that he had found deep and growing concern around the country about the dollar's plight, so that...