Word: fortes
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Dates: during 1970-1979
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Constellation of Currencies. Washington cut the dollar's tie to gold by serving notice that it will no longer cash in foreign-held dollars for gold bullion held at Fort Knox. Ever since 1944, when the present monetary system was devised at Bretton Woods, N.H., the dollar has had a special and internationally unique relationship to gold. Technically, gold is the asset by which nations pay their debts to one another. But practically, under the rules of the 118-nation International Monetary Fund, which evolved from the Bretton Woods conference, dollars are actually the medium of exchange through which...
Foreigners held three times as many dollars as the U.S. was capable of redeeming in gold, and they were demanding more and more gold because they were losing confidence in the U.S.'s will or ability to whip its economy into order. To prevent a run on Fort Knox, the President thus declared that the nation would no longer exchange dollars for gold...
...convicted." Thus the conviction of Lieut. William L. Calley was upheld, but his sentence-for the premeditated murder of at least 22 Vietnamese civilians and assault with intent to murder a small child-was changed from life imprisonment to 20 years. Calley, confined to his apartment at Fort Benning, Ga., since President Nixon personally intervened 44 months ago and had him moved from the stockade, will be eligible for parole after serving less than seven years of his new sentence...
...TREASURY DEPARTMENT reported that U.S. gold reserves have dipped to their lowest level since 1935. During June some $61 million in gold dribbled out of Fort Knox and into foreign hands. This reduced net reserves of gold to $9.96 billion-even though it has been widely felt that the U.S. would never permit its gold reserves to fall below $10 billion. According to the Treasury, the monetary reserves were $13.5 billion. But that figure included $2.7 billion in potential credits from the International Monetary Fund, which the U.S. can draw on if necessary, as well as more than $320 million...
...that a big rush from dollars into stronger currencies or gold could easily set off still another monetary crisis, one which would make Europe's brief speculative spree last May seem mild by comparison. Already there are enough dollars circulating in the Eurodollar market to empty out Fort Knox several times over. The deeper danger is that European governments will clamp stern controls on the international exchange of money-particularly on the inflow of dollars-and that the U.S. will put equally rigid controls on the import of goods. In Washington, there is much discussion of imposing surtaxes...