Word: drainings
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Last week New York's Governor Nelson Rockefeller hit the Administration smack on the sore spot. In a Labor Day statement, Rockefeller warned that the gold drain could lead to "worldwide financial collapse." It is getting worse because Kennedy's handling of the problem "has been characterized throughout by insufficient recommendations, tardy proposals, watering down of plans already advanced, and lack of firm follow-through." Rockefeller accused Kennedy of "timid tinkering," "temporizing" and "continued drift...
Rockefeller offered several recommendations of his own to check the gold drain. He urged "an immediate federal tax cut to raise production efficiency, improving our ability to compete in world markets," coupled with "a clear goal of a balanced cash budget as soon as possible." He would soften the drain caused by foreign aid by making sure that aid "does not simply pour more dollars into nations which already have balance-of-payments surpluses" and by urging "our European allies to assume a larger share of the foreign-aid program...
...Doris bubbles her way to the pinnacle of soapy success, Hubby Garner begins to go down the drain out of pure jealousy. The final gurgle comes when -unknown to him-the Happy Soap folks dig a swimming pool for Doris in the backyard where the driveway used to be. That night, whump! splosh! Garner goes down with his convertible as the sound track plays a snatch of sinking-of-the-Titanic music...
...your July 19 issue, criticizing the film Jason and the Argonauts, you state: "And they have dreamed up monsters Jason never saw, including a steam-powered King Kong, built of bronze, with a drain plug in his heel." This monster is genuine and belongs to the myth of the Argonauts. In his well-known The Greek Myths, Robert Graves writes: "The Argonauts reached Crete, where they were prevented from landing by Talos the bronze sentinel, a creation of Hephaestus, who pelted the Argo with rocks, as was his custom. Medea called sweetly to this monster . . . and, while he slept...
...been the prime preoccupation of the free world's financial strategists since John F. Kennedy declared repeatedly in Europe last month that "unless we master our gold problems, they will master us." Last week, under pressure from European financial leaders who fear that the continuing gold drain could start a worldwide deflationary cycle by further undermining the dollar, the U.S. took three actions. It set higher interest rates on short-term borrowing, put indirect controls on longer-term exports of U.S. money, and surprisingly indicated a readiness to borrow from the International Monetary Fund, which the U.S. originally helped...