Word: goldings
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Dates: during 1960-1969
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General de Gaulle continued his assault on the dollar. Since no nation rushed to embrace De Gaulle's earlier proposals that the world return to the gold standard, French Finance Minister Valery Giscard d'Estaing last week announced that France would go back to gold all by itself. Beginning immediately, said Giscard, France will settle all its foreign deficits by paying in gold-a fairly painless move in view of the fact that France has no deficits. More ominously for the U.S. and Britain, he called on the West's major nations to make "a solemn...
...they see it, that policy is increasingly framed by De Gaulle, who views economics as a handy weapon but has a grasp of its intricacies that is roughly equal to Giscard's knowledge of military strategy. De Gaulle has come increasingly under the influence of Jacques Rueff, a gold standard devotee and a close economic adviser. This fact has prompted some Paris economists to refer sarcastically to the present as the Golden Age of French diplomacy...
...stood pressed tightly together in the rear. They exchanged loud jokes with Lecturer Giscard. When he mentioned Rueff, they blended boos with applause. They cheered enthusiastically when he spoke in passing of Yale's Robert Triffin, a leading exponent of building on the current monetary system of gold, dollars and pounds...
...broadening the base for international finance (see U.S. BUSINESS). The majority of financial policymakers believe that new monetary reserves must be created, but the problem is what kind of reserves. The French want a system-perhaps any system in the long run-that would make dollars less worthy than gold. That would give gold-heavy France, whose economy is one-eighth as large as the U.S.'s, a financial stature well beyond its visible means...
...Chinese, who comprise 98% of Hong Kong's population, have traditionally distrusted banks, preferring to keep their savings in the form of jewels in a safe or gold under a mattress or in their teeth. Such suspicion has waned considerably, however, as Hong Kong has become mainland Asia's leading trade and banking center, with a long-stable currency that is fully backed by Britain. Last year the colony's 80 banks hit a record $1 billion in deposits...