Word: draining
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Dates: during 1960-1969
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...economists argue that the brisk trade in Eurodollars has had at least two beneficial results: 1) it has helped meet the growing demand for trade credits among Western nations; 2) it has discouraged foreign banks from converting their dollar balances into U.S. gold, and thus has eased the drain on Fort Knox. The Eurodollar, most experts agree, will gradually disappear if U.S. interest rates rise to European levels, or the U.S. payments deficit ends...
Your story on the gold drain [June 29] was a keen analysis. But may I add one tremendous factor that is invariably ignored in these discussions, yet is costing us dearly in our losing fight for world markets...
...planes for Jews eager to leave the country. Although Jews who leave for Israel are officially forbidden to return to their homes, there is little overt anti-Semitism in Morocco. But emigration goes on, and businessmen in Casablanca complain that they cannot find Jewish labor. "Morocco is down the drain for us," says one Jewish cafe owner...
...held by law to back U.S. paper currency, that leaves only $4.7 billion in "free gold" to pay off foreign claims-some $14 billion less than the U.S. would have on hand to pay out in the unlikely event that all claims were called at once. If the gold drain continues at the rate of recent years, U.S. free gold supplies could be completely drained in four or five years, thus creating an emergency not only for the U.S. but for the entire free world in which the dollar is the key currency...
...drain caused by military expenditures abroad-which have totaled $29 billion since World War II-could probably be cut back without damaging the military posture of the free world. The U.S. has already persuaded Germany to offset the dollar cost of U.S. troops stationed there (about $600 million a year) by buying an equivalent amount of arms in the U.S.; more pressure might produce similar arrangements with other nations. Some feel that the U.S. military abroad should be supplied directly from the U.S. on a larger scale...