Word: goldings
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Dates: during 1960-1969
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...general understanding" will be reached, he said, because the French are "becoming increasingly conciliatory" to U.S. proposals for expanding international currency reserves. These reserves -- composed primarly of dollars, pounds and gold -- are used by central banks such as the Federal Reserve System to prevent temporary payments deficits from choking off world trade...
Bernstein predicted that France will modify her insistence that any new system of creating reserves must be rigidly linked to gold...
Under IMF rules, Italy must buy up lire to support the price of its currency. To do his, it must dip into its reserves, using gold or another currency -- usually dollars -- to pay for the lire it buys...
...basic goal of monetary reform. Therefore, is to find something that other countries will agree to hold in their official reserves as confidently as they now hold gold, U.S. dollars and British pounds...
...French, however, have insisted that any system of reserve creation be linked rigidly with gold. Any other system, they have argued, would perpetuate the deficiencies of the present system -- forcing countries like France to finance policies which they oppose by compelling them to hold dollars from U.S. deficits...