Word: dollars
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Dates: during 1940-1949
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...Bank. When the British accepted the hard bargain driven by the U.S., they tried to make a virtue of necessity and kidded themselves that lifting of restrictions on "current transactions" would work. It did not. Traders in other countries wanted dollars more and pounds less than the British Treasury thought they would. The British pound had so little production back of it compared to the U.S. dollar that when anybody owning pounds had a choice he converted them into dollars, with which he had more chance of buying the food or shoes or trucks or machinery he wanted...
These traders, assisted in some cases by the central banks of their countries, found ways to disguise the "accumulated sterling" as "current transactions" money. The result was a run on the British dollar supply. Before July 15, the British Treasury had been losing dollars at the rate of 77 million a week. After July 15, the rate suddenly jumped up to 115 million a week; in the last six days, dollar withdrawals totaled $237 million. This situation was just as if new runs had started on the half-busted U.S. banks after they reopened in 1933, and the banks...
...leftist sympathies. In addition to its other failings, the Velasco Government had done little to combat the country's postwar inflation, which is one of the highest in the hemisphere. Last week the Sucre, which was once a worker's daily wage, stood at 13 to the dollar...
Charged with fostering an "economic spy system" for Adolf Hitler, 22 directors of the billion dollar I. C. Farben chemical trust went on trial for war crimes yesterday at Nuernberg, Germany. The Farbon officials heard the U.S. prosecution assert that they had fostered Hitler's war aims, cagerly exploited slave labor, and waged aggressive war from their laboratories...
Last week Canada was thinking quietly but hard about a loan of half a billion dollars as the best defense against U.S. dollar depletion. So long as Canadians generally believe that they can get U.S. dollars for business or travel, they are not likely to start a run on the Dominion's depleted supply. But if they should decide that the stock was dangerously low, they could start a run by stepping up their orders of U.S. goods, and getting U.S. dollars from Canadian banks to pay the bills. Ottawa's view is that with a half-billion...