Word: goldings
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Dates: during 1960-1969
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...poor Limousin farmer who fought with the Marquis de Lafayette in the American Revolution and was rewarded by a grateful Continental Congress with a huge farm in Vermont. He multiplied his fortune by 1) discovering oil in Vermont, 2) marrying a Creole beauty whose Louisiana father left them his gold mines, and 3) buying Chicago slaughterhouses. After his death, his property was expropriated by President Andrew Jackson as compensation for Napoleon's blockade of the U.S. during the War of 1812, and ever since both the U.S. and French governments have connived to hush the whole thing...
Betting on the Price. A mixture of good and bad news provided the ground for their hope. A sharp rise in gold hoarding abroad has sent shivers through Europe's finance ministries. The free world's official stores of gold-in national treasuries and in the hands of such international bodies as the Inter national Monetary Fund, the Bank for International Settlements and the Euro pean Payments Union-fell by $40 million during the first nine months of 1965. That was the first such drop in ten years. The IMF figures that the missing gold has flowed into...
...these developments, Washington feels, will impel the rich nations in the so-called Group of Ten to hasten their efforts toward an agreement on a new international currency to supplement dollars, pounds and gold in world trade, as the U.S. has been urging. The problem, of course, is old, and even in the relatively uncomplicated days of 1720, English Satirist Jonathan Swift recognized it in a memorable quatrain...
...reported last week that international monetary reserves shrank during the first three quarters of last year from $68.9 billion to $68.88 billion while global exports rose 5%. In the long run, the expansion of prosperity-giving world trade requires growth, not shrinkage of those reserves, which are composed of gold, dollars, British pounds, and drawing rights...
...economic policy now that doctrinaire former Premier Michel Debré has replaced Valéry Giscard d'Estaing as Charles de Gaulle's Economics and Finance Minister, the French will presumably run a smaller trade surplus. If so, France will have fewer dollars to trade for U.S. gold-and should be more inclined to reach an accommodation with the rest of the West on the world's finances...