Word: goldings
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Dates: during 1960-1969
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...topflight investigators to try and track down Walcott. His trail led first to Europe again, then doubled back to Pakistan, where he showed up with a converted B-26 bomber shortly before last autumn's border war. The Pakistanis suspected that he was air-dropping watches and gold into India, but before they could interrogate him, Walcott skipped off, leaving the plane behind...
...hours of nonstop grilling, Walcott refused to admit his true identity. Then, according to the police, he broke down and began to tell all. Acting on his information, police have already pulled in several suspects and some smuggling gear, including a jacket with specially constructed pockets for carrying gold bars. Many Bombay gold traders were anxious, for rumor had it that Walcott had been mixed up with a gang that had smuggled no less than $150 million in gold and diamonds into India during the past four years...
...their trade with one another, more than 100 free-world nations occasionally settle their accounts by exchanging gold; more often the exchanges are in the U.S. dollars or British pounds that almost every nation assiduously collects because they are internationally accepted as easily transferrable "reserve currencies." It has long been clear that this system is becoming inadequate, because, among other things, it depends heavily on a continued outflow of dollars and pounds-in short, on an unfavorable balance of payments for the U.S. and Britain...
...came as a countersuggestion to another cru scheme put forth by the French. Unhappy that the dollar and pound alone have special status, the French have argued for a return, of a sort, to the gold standard. The French cru would be issued in proportion to each country's supply of gold; settlement of payments between nations would be made partly in gold, partly in crus. Finally, the French want supervision of the cru system to be in the hands of the Group of Ten, which holds most of the world's reserves...
...advanced by Germany's Otmar Emminger, foreign director of the Deutsche Bundesbank, who suggests a cru that would originate with the Group of Ten but be supervised on a day-to-day basis by the IMF. It would not, as the French demand, be so closely pegged to gold. On balance Emminger's idea seemed reasonably close to a cru system that might be satisfactory to all nations...