Word: goldings
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Dates: during 1960-1969
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...largely motivated by three basic desires-food, love and money-and of these, the least understood is money. Even Lord Keynes said that the agreement for the world's "gold-exchange" monetary system, framed 24 years ago at Bretton Woods, N.H., sounded as if it had been written in Cherokee. But beneath the current confusion of talk about payments balances and gold flows, just about everybody realizes that something is wrong with the international system of money and gold. The time has come, if not for sweeping reform, at least for searching reappraisal of the apparatus through which major...
...tarnished, Britain has been forced to deflate and then devalue, causing its citizens to pay more for what they buy from the rest of the world. The dollar is also under assault. Betting that its value will decline, some cautious bankers and quick-profit speculators are selling dollars for gold at a rapid rate. The hemorrhage of U.S. gold has become alarming-nearly $1 billion in the past two months-and last week President Johnson took some stern actions to stop it (see THE NATION and BUSINESS). It is obvious that for some time to come, gold will continue...
...problem is that in the "gold-exchange" system nations pay for most of their global commerce in gold or dollars, and the U.S. is pledged to sell its gold bullion for any paper dollars that foreign central bankers turn in. Moreover, the U.S. guarantees the official price at $35 an ounce. Because of its now familiar balance of payments deficits, the U.S. has papered the world with its dollars, creating plenty of calls on the nation's gold stock. Since 1957, U.S. gold reserves have declined by almost half, to less than $12 billion, and foreign claims...
...high levels in Washington, officials are talking out loud about what was previously unthinkable: the eventual severing of the dollar's ties to gold. In the White House, the Treasury, the Federal Reserve and Congress, a growing number of policymakers are asking why the U.S. has to concern itself with gold at all, and whether the world's richest nation might not be wise to cast its currency loose from a metal that Lenin once said was fit only to build public toilets. Behind this question is the sound conviction that the dollar, backed by the powerful...
...Gold They Trust