Word: drawnout
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Dates: during 1960-1969
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...system would hold together long enough-perhaps another three years-to let reserves artificially created by the IMF begin to supplement gold's historic role. British devaluation and two subsequent runs on gold have drastically shrunk the transition time. "The monetary system is now in a continuous and drawnout crisis," says Roy L. Reierson, senior vice president and chief economist of Manhattan's Bankers Trust Co. Last week Reierson added his voice to those demanding that the London gold pool be closed, and that the U.S. limit its $35-an-oz. sales of bullion to the settlement...