Word: goldings
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Dates: during 1960-1969
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...GOLD RESERVES. Eliminates the requirement that Federal Reserve banks must back with gold certificates 25% of the commercial bank deposits they hold. The move frees nearly $5 billion in gold to meet international claims on the dollar and stimulates expansion of the money supply. Signed...
...azure light that angles steeply down the slopes above the French Riviera, a sparkling translucence seizes nature. Rocks seem sodden with gold, flowers bloom like dabs on a palette, even grass glistens greener. This light takes hold of a man too. For Painter Marc Chagall, it is a daily baptism in color, an immersion in what is natural, uncontrived, and miraculously innocent...
There are pots of gold, too, to grace his rainbow period. Museums, which were at first slow to acquire his paintings, now find them skyrocketing out of sight and pocket. Today his oils regularly fetch from $50,000 to $55,000, and his record auction price of $82,500 last April has already been nearly doubled in private sales. His original signed and numbered lithographs bring up to $1,200; his watercolors are priced as high...
Deflation Dangers. The prime problem is a money shortage: international trade is growing much faster than the means to finance it (see chart). Because the world has no international money, it depends on a mix of gold and the two internationally recognized "reserve currencies," dollars and British pounds, to support commerce. Most of the recent growth of trade has been bankrolled by dollars flowing out of the U.S. in the form of investing and lending, tourism, foreign and military aid-thereby steadily worsening the U.S. balance of payments. Now Washington's "voluntary" curb on investment abroad has finally...
...hard, the major protagonists have lately shown some signs of flexibility. Britain, while still basically holding to the U.S. position, seems willing to make monetary changes through the Group of Ten instead of the IMF. France has given up the idea of gutting the dollar and financing commerce with gold (that idea was intolerable to other nations). And the U.S. has recently grown more receptive to supplementing the dollar with some sort of "Esperanto" currency. Nobody expects quick or sweeping agreement, but compromise seems more likely than it did a few months...