Word: goldings
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Dates: during 1960-1969
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...America to solve its deficits dilemma. No matter how it tinkers with the golden rules, it ultimately will have to achieve what the bankers call equilibrium-which is to say, a surplus or deficit of not much more than $1 billion yearly. As soon as it does that, the gold problem will disappear. "Then," says Germany's top banker, Emminger, "the U.S. can do whatever it wishes about the gold price. Then everyone, or almost everyone, will be quite content to hold onto his dollars. There is no advantage in holding onto the metal once you become convinced that...
...that time, the U.S. will be able to drift away from the gold pool and greatly lessen the monetary emphasis on gold, thus ridding the world of much of the alarm, speculation and instability caused by what William McChesney Martin calls "that barbarous metal." Most bankers and economists believe that the major monetary trend of the future will be a shift away from gold and toward a truly international paper currency, supported by contributions of currencies from all major nations. When that happens, money will be regulated by men instead of metal, and the value of each nation...
...balance of payments deficit were painful to some, controversial to many, and likely to damage the nation's own interests if left in effect too long. Yet the objective was beyond cavil: to prevent recent attacks on the dollar and the speculative rush for gold from growing into an international financial crisis that could undermine prosperity around the world...
...seven years. By coupling his New Year's Day announcement of those figures with his stern prescription for lopping $3 billion off the deficit in 1968, the President managed to minimize the consequences. Despite the Treasury's subsequent disclosure that the U.S. lost nearly $1 billion of gold during November and December, one-twelfth of its dwindling hoard, the dollar rose strongly on the exchange markets of London, Paris and Frankfurt last week...
...wartime service as Deputy Petroleum Coordinator under the industry's old scourge, Interior Secretary Harold Ickes. Davies then founded American Independent Oil Co. (he has since sold his interest in it), later bought control of American President Lines and San Francisco's Natomas Co., which dredges for gold in the Peruvian Andes, owns chunks of industrial land near Sacramento, runs a West Indian oil refinery with Standard of Indiana, holds large oil exploration rights with Sinclair in Java and along the Red Sea. Such far-flung operations have made Davies many times a millionaire; his Natomas shares alone...