Word: drainings
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...proposed ways of dealing with the danger are to fill in the pond, to drain the pond, to construct a fence around the pond, or to radically alter the landscape around the pond. Gruson had no comment on the probability of any of these being adopted...
...Cash Drain. In turning to the stock market to raise capital, the Post Co. offered several reasons in its prospectus. It said that the lack of a public market for its stock had inhibited diversification of the investment portfolio of its profit-sharing trust, had complicated the estate planning of the controlling stockholders, and had foreclosed the company from obtaining loans to finance its growth, including a new Post plant in downtown Washington. In the past, the company had assumed an obligation to repurchase the stock it distributed to employees. The prospectus said that "over the past' three years...
Some automatic factors will help reduce the dollar drain soon. Inflation is subsiding in the U.S. but growing in Europe and Japan. That trend and last week's currency changes should increase U.S. exports and hold down imports by making the prices of American goods look more attractive than before. Any lasting improvement in the balance of payments is unlikely until the U.S. finds ways of sharpening its competitive strength by checking the American wage spiral and spurring research and development (instead of stifling it in some areas). For financial as well as other reasons, the U.S. needs...
Still, there are actions that would stanch the dollar drain and would be desirable on other grounds as well. An end to the Viet Nam War is the most obvious. Domestically, the Nixon Administration could try to fight inflation by issuing guidelines for acceptable pay and price increases. Europe's moneymen have urged the U.S. to adopt such an "incomes policy," and have lost faith in the dollar partly because of Washington's failure to heed their advice. The Government could also stimulate recovery from recession by cutting taxes rather than relying as heavily as it now does...
...military role in the world has continued to grow, while the power of the American economy, relative to the rest of the world, has dwindled. U.S. military expenditures abroad contributed an average $2.4 billion a year to the balance of payments deficit in 1960-64, but last year the drain was $3.4 billion. The Viet Nam War alone siphoned out around $1.5 billion...