Word: drains
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...hadn't thought that she was involved in international high finance, yet when Figure Skater Peggy Fleming, 19, met a smiling President Johnson in the White House Rose Garden, he hailed her as "someone who has helped us with the gold drain." Peggy had, indeed, as the only American to bring home an Olympic gold medal from Grenoble. And now a properly appreciative L.B.J. added a decoration of his own, reaching up to pluck a magnolia blossom from a tree and pinning it on Peggy's dress...
...served to stir up potential trouble in another quarter. Wall Street called it "the great money rush." Enticed by the 6.45% return on a Government-backed security with interest payments every six months, salesmen and secretaries, doctors and housewives overwhelmed traders with buying orders. One result was an unexpected drain on savings banks, one of the major sources of mortgage money. If it continues, the outflow could lead to another shortage of home loans-the very kind of shortage FNMA was created to help prevent...
Though they sprang it on speculators as a surprise, central bankers had been quietly discussing the shutdown of the London gold pool and the move to the split-price system since British devaluation. Italy and Belgium, restive at the growing drain on their reserves, remained in the pool only at U.S. prodding. Timing the switch presented delicate problems. By waiting for repeal of a 1945 law requiring a 25% gold backing for the currency, the U.S. could muster another $10.4 billion of gold for the defense of the dollar abroad. By discomfitingly small margins, the measure squeaked through Congress just...
Then, too, there is always the matter of a tax increase, a measure widely demanded as a sign of U.S. economic discipline necessary to remedy the gold drain. President Johnson has long since asked for a 10% surtax. This means that an unmarried taxpayer who, with an eye toward April 15, has figured this year's federal tax due on $10,000 at $1,742 would next year owe an additional $131, based on a higher tax tor nine months. So urgent has the tax issue become that Washington has begun to talk about returning to the higher schedules...
...tier system, like the foundering Gold Pool, would be used as merely a short-term solution to the gold drain. Before long the central bankers hope to implement the idea of special drawing rights that could be used as reserves along with gold and dollars. The S.D.R.s would be certificates representing members' credits in the International Monetary Fund. They would make it less necessary for other governments to hold so many dollars in reserve-and less burdensome for the U.S. to redeem these dollars with gold...