Word: drains
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Dates: during 1960-1969
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With that, the President moved to stanch the dollar drain with the most Draconian measures yet. He outlined a five-point program aimed at cutting the deficit by $3 billion in the year ahead. Principal features: a reduction in U.S. investment abroad, particularly in Western Europe, to save $1 billion; a cutback in U.S. loans to foreigners to save $500 million; scaled-down Government expenditures overseas-by the Pentagon, by heavily staffed U.S. embassies and by G.I.s and their dependents-to save $500 million; deferment for two years of all but what the President called "the most important, urgent...
...weeks. In London, demand reached the highest levels since the week following Britain's devaluation. Nonetheless, dealers remained confident that any conceivable speculation could be met. For all their activity over the past month, private speculators have purchased an estimated $600 million worth of gold-a relatively small drain on the total $26 billion in bullion held by the U.S. and its gold-pool partners...
...Americain [It is argued] that the Americans are buying Europe with their balance of payments deficit; that the technological gap and the brain drain together represent a new form of imperialism; that all this comes from the export of Mr. Galbraith's modern industrial state. A brilliant Frenchman, M. Servan-Schreiber, recently published a book about all this which he calls Le Deéuú Americain [The American Challenge; TIME, Nov. 24]. He rejects any protectionist or negative reply by Europe to this challenge. He recognizes that the challenge is inescapable...
...provide enough gold to satisfy all purchasers. France, in what some money men regarded as part of Charles de Gaulle's mischiefmaking, leaked the news that it had not participated in the gold pool since last June. By week's end, some European bankers estimated that the drain on the gold pool had reached a total $350 million...
...long, and holds 75 million cu. yds. of dry earth and rock. It is the world's fifth largest earth-filled dam and has the largest-capacity spillway, discharging 1.2 million cu. ft. of water per second, four times as much as Niagara Falls. Five 36-ft. tunnels drain the river; a subsidiary dike completes a 100 sq.mi. reservoir. Eventually, the powerhouse will hold ten 100,000-kw. generators to supply Pakistan's burgeoning industry...