Word: fowlerize
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After just 150 days in office, Treasury Secretary Henry Fowler last week took off for Europe on a two-week trip to meet and hear the views of his counterparts among the finance ministers and central bankers of Europe. Main purpose: to canvass European opinion about the next steps toward world monetary reform and to seek support of Fowler's proposal for a world monetary conference. The importance of the trip was underscored by the fact that Fowler was accompanied by Undersecretary of State George Ball, Treasury Undersecretary Fred Deming and five Treasury, State and White House aides...
...gross national product got its embarrassing face lift, another vital measure of the U.S. economy−the balance of payments−also put forward its best face in many months. In its transactions with the rest of the world, announced Treasury Secretary Henry H. Fowler, the U.S. in 1965's second quarter took in $132 million more than it sent abroad, the first quarterly surplus in nearly eight years...
...Fowler made clear that he considered the improvement temporary, and that the U.S. still has a balance-of-payments problem: "We don't take it as a sign that we have turned the corner from deficits to surpluses." Nonetheless, even the careful qualifications could not conceal the fact that the U.S. has come quite a way from its $756 million loss in 1965's first quarter and the peak $1.6 billion deficit of 1964's last quarter. If the new figures did not show that the payments problem is licked, they at least demonstrated...
Quick to realize the temporary nature of these gains, Fowler refused to predict another surplus for the current quarter. Said he: "Expectations are that we'll lose ground." Just how much ground depends to a large extent on how many dollars are left abroad this summer by U.S. tourists, who have largely ignored the Administration's plea that they help the balance of payments by seeing America first. The Government worries that Americans will spend $2 billion more abroad this year than foreigners spend in the U.S.−a new record. Even more worrisome: the gap between what...
Money Maneuvers. In a direct maneuver against the U.S., France last week tried to undercut Treasury Secretary Henry Fowler's call for an international summit meeting to reform the world's monetary system (TIME, July 16). Said French Finance Minister Valery Giscard d'Estaing: "The suggested procedure of calling an international conference on this subject does not appear opportune." Though many experts interpreted this politely phrased jab as a flat rejection, the fact was that Giscard d'Estaing said much the same thing that Fowler had said-that considerable negotiating has to be done before...