Word: fowlers
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Hardly any decision is taken by the Government without first weighing its impact on the U.S. economy and consulting with the Treasury Secretary. Fowler's Treasury collects $100 billion a year in taxes and pays it all out again with more than 300 million checks. It stores $51 billion in cash and securities in 15 vaults beneath Fowler's office, and each week routinely refinances $2.2 billion of the federal debt. The Treasury mints and prints the nation's money, has 88,000 employees, directs the Coast Guard, and, next to the FBI, runs the biggest law-enforcement enterprise...
Nonetheless, the measures have begun to work. Last month Fowler announced "good and encouraging" results: U.S. payments ran a surplus of $132 million in this year's second quarter?its first black ink since...
...lowest all year. This interim success has deeply impressed skeptical European bankers, who doubt that their own businessmen would put patriotism over profits. Of course, the Government has such great powers over private business that it would take a brave businessman indeed not to "volunteer" to help. Though Fowler warns that the gains may be only temporary and that further tightening of discipline is necessary, he believes that the U.S. is on its way to solving its payments problem. Says he: "The U.S. economy and its agent, the dollar, are overwhelmingly strong at home and abroad...
Eloquent Reason. As a result of this, Fowler last week brought a new message to Europe: the dollar crisis is over. Since Fowler feels that it is only a matter of time before the U.S. permanently solves its balance-of-payments problem, he believes that the free world should get ready right now for the inevitable result of that solution: a drying up of the amount of dollars in the world and a consequent lessening of the amount of money available to finance trade. As Fowler sees it, this is the most eloquent reason for pressing for a revised money...
That drastic action, which would help Britain's trade deficit but do nothing to solve its gut problem of low productivity and high prices, is a constant source of worry to Lyndon Johnson and Joe Fowler. They fear that British devaluation would upset world money markets, force some other nations into devaluation to remain competitive, and price U.S. exporters out of markets where they compete head on against the British, notably in Latin America. For economic, political and sentimental reasons, the U.S. will do everything it can to bail out Britain...