Word: foreign
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Dates: during 1950-1959
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...been so well off, the government this week planned to improve their lot still further by abandoning, for all practical purposes, the $280 ceiling on the amount of sterling British tourists are allowed to carry abroad. On the Continent the boom was so solid that last week the foreign ministers of the Common Market met in Brussels to discuss moving forward from 1970 to 1965 the date when goods, men and money will move with complete freedom through the six-nation area that already bids fair to become the world's largest trader...
...this rosy chorus of economic expansion, the one dissonant note struck last week came from Vance Brand, director of the U.S.'s Development Loan Fund. Henceforth, in granting aid to foreign countries, announced Brand, the fund will "place primary emphasis on the financing of goods and services of U.S. origin." From now on, in other words, the Development Loan Fund is going to demand that its aid dollars be spent in the U.S., even if the same products are available more cheaply elsewhere...
...optimism of Europe and the sober bankers' outlook in Washington lay a momentous shift in free world relationships. After 13 years and $40 billion of U.S. aid, Europe has caught up economically. As a result, the U.S. finds that it must do some earnest rethinking of its foreign economic policy...
...billion, and the outside world as a whole has managed to amass short-term credits in the U.S.-all constituting potential claims against gold-of $15.6 billion. Last year about $2 billion in gold flowed out of the U.S., and this year's U.S. deficit in foreign payments seems likely to reach $4.5 billion...
...about to go into international bankruptcy. The U.S. still holds nearly $20 billion in gold, half the world's supply, and an important part of the U.S. capital outflow is private investment overseas that will pay off in years to come. If it was not for foreign aid-$5.5 billion last year-the U.S. would even have $1 billion balance of payments surplus. But the swing in the international terms of trade does mean that in defense of its long-range economic strength, the U.S. has had to take a new attitude toward Europe...