Word: fiscality
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Dates: during 1950-1959
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They, like the rest of a small but dedicated group of economists, believe that the gold standard is the only answer to the world's present monetary problems, such as inflation and a concentration of capital. They believe that a return to the rigid fiscal discipline of the gold standard would act as a brake on inflation by preventing governments from overspending, head off world recessions by doing away with the excesses that lead to them. A full gold standard, as they see it, would also put a damper on sudden expansions of credit not backed by gold, help...
There need not be, however, any increase whatsoever if the Dining Hall authorities summon the courage to take some possibly unpopular moves. The first move, ideally, would entail reduction of the numbers of workers employed in the College dining halls, against the undoubted opposition of the union. In fiscal 1958, the Dining Hall Department spent $3,576,547--of which 44.1 per cent went to purchase of foodstuffs...
...Budget Director Maurice H. Stans reported last week. Said normally solemn Accountant Stans, fighting hard to smother a grin: during the half-year since the President presented his budget to Congress, the economy's energetic climb has added $1.9 billion to the Administration's income estimate for fiscal 1960 (ending next June). But over the same span, the outgo estimate has also crept upward by $1.9 billion, reaching $78.9 billion. Biggest reason for the outgo increase: rising interest rates, upping the cost of carrying the national debt for the fiscal year from $8 billion to $9 billion...
...troubles have been successfully overcome, from a whole series of emergencies, on to stability, to external convertibility." Now, says he, the Fund has an even bigger job ahead. It must spread monetary law and order to the rest of the world, particularly to underdeveloped countries, which are suffering from fiscal foolishness and gyrating currencies. To help him, the 68-country Fund last week agreed to increase national contributions, up the Fund's bank roll $9.1 billion to $15 billion...
...even more heroic rescue was required in 1 958 for France. Weakened by the wars in Algeria and Viet Nam and poor fiscal management, France was close to financial collapse when Jacobsson hustled to the rescue. He arranged a package of $655 million in credit from the Fund, the European Payments Union and the U.S. With the loan went some detailed recommendations on how France could put its fiscal house in order. It did so well that after De Gaulle came to power he was able to devalue and stabilize the franc. At other times, Jacobsson rescued the Danes, Dutch...