Word: fowlers
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...1950s. The Government reports that it has no plans to impose controls. It figures that controls would not be necessary because both the private and the public sectors of the economy are large enough to absorb military escalation without much of a wrench. Treasury Secretary Henry Fowler, who during the Korean war was director of the Office of Defense Mobilization, points out: "When Korean fighting broke out, we had a defense budget of $10 billion. And there was no force in being to sustain large-scale fighting. By contrast, the defense budget for the past ten years has totaled more...
...world's overworked, undercapitalized monetary system. In Washington last week, President Johnson's newly named international monetary advisory committee-including former Treasury Secretary Douglas Dillon and Under Secretary Robert Roosa, Bankers David Rockefeller and Andre Meyer-met for the first time to explore ideas. Treasury Secretary Henry Fowler will go to Europe in September and try to persuade Europe's financial leaders to start planning for a future monetary summit...
Such prospects have inspired some Government economic advisers to call for still further slashes in income taxes and, on top of that, a step-up in federal spending. Asked at his weekend press conference about the possibility of additional tax reductions, President Johnson said that Treasury Secretary Henry Fowler and the tax experts are "working on it." Fowler would not be a bit surprised to see another tax cut, especially favoring lower-income groups. Treasury's top man also expects a budget surplus in a few years, but is not overly concerned about the necessity of finding ways...
...years. If the trend continues, the Government will be able to relax some of its restrictions on profitable U.S. lending and investing abroad. Now that the U.S. is getting its payments under control, it feels strong enough to take some initiative in reforming the international monetary system. Last week Fowler called for the convening of a major world conference to reform the monetary system for the first time since it was set up at Bretton Woods...
...with the Federal Reserve System and the Export-Import Bank, plus a $1.2 billion Government-owned portfolio of U.S. securities that Britain is gradually converting into bonds and time deposits. Callaghan sought no official commitment of new support from the U.S., but a communique issued by him and Secretary Fowler spoke of the "identity of interests" between the world's two reserve currencies, a hint to some that the U.S. would provide additional credits to tide the pound over any temporary crisis...