Word: goldings
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Dates: during 1960-1969
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...recent maneuverings over gold, the U.S. Treasury's performance has resembled that of a man who leaps out of the way of an oncoming car only to be hit by a truck coming from the other direction. After the British pound was devalued, Treasury Secretary Henry Fowler warned that the dollar was next in line for speculative attack. That warning was actually aimed at Congressman Wilbur Mills in an attempt to gain support for the domestic surtax proposal, but its chief result was to further fan speculation and cause a heavy loss of U.S. gold. Last month...
...mystique of gold is not fully grasped by most Americans, who lack the Midas complex of Charles de Gaulle and other foreigners. McGeorge Bundy was not quite right when he cracked that only the greedy, the frightened, country folk and Frenchmen love gold. Anybody who has seen his fortunes dissipated by recurrent invasions, inflations and devaluations views gold as a safer haven than any paper money. Men die to dig gold out of two-mile-deep mines and then bury it in hermetically sealed vaults because, when all other currencies fail, gold can buy anything, anywhere. Particularly prized by political...
Demand for gold has intensified so much lately that for the first time in history, it outstrips the amount newly mined. This intensifies the gold shortage, which aggravates the U.S.'s immediate difficulties. Gold is exceptionally difficult to mine, and most U.S. miners find that the price of $35 an ounce is too low to pay them to dig it out. In fiscal 1967, only $1.4 billion worth was unearthed, but $1.7 billion worth was bought by industry, jewelers, dentists and speculators. The $300 million difference was made up mostly by sales from the U.S. to the so-called...
...longer term, the U.S. is leading a drive to create a new monetary system that will, in time, loosen the world's umbilical ties to gold. From the American viewpoint, the current system unfairly penalizes the U.S. because it has run up deficits doing things that benefit the world, such as spending for foreign aid and tourism, lending and investing in capital-short areas. Thus, any new system has to provide a liberal and flexible credit window for tiding over countries with justifiable deficits. Most important, the system has to be one that eases the world shortage of monetary...
Plans to concoct a new money to supplement gold the dollar have been put forward by economists from Britain's Prime Minister Harold Wilson to the U.S.'s Robert Triffin. They call for some or most of the world's nations to create and regulate an international money that would be handled only by governments, not people. The first tentative steps toward that were taken at last fall's meeting of the 107-member International Monetary Fund. The IMF voted to create an Ersatzgold called "special drawing rights." There is one big hangup: these "S.D.R.s" will...