Word: goldings
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Dates: during 1960-1969
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...difficult to foresee. There is always the possibility that the measures he is taking in lieu of devaluation may somehow succeed in stopping the run on the franc. France, after all, is in a far stronger position than Britain was when it devalued last year. Britain's gold and foreign-currency reserves had dwindled to a dangerously low level. France, despite the recent heavy losses, still has $4.1 billion in gold and reserves, and in addition to that the $2 billion credits made available in Bonn by the Ten and nearly another $1 billion open to it in Basel...
They agreed that gold would remain the primary international asset by which nations settle their debts with one another. The U.S. dollar, then backed by 57% of the free world's nationally held supply of gold, would be the key currency. Under that arrangement, then and today, other nations value their money in terms of the U.S. dollar, which is itself valued in terms of gold. The dollar's acceptability in world finance rests on the U.S. Treasury's pledge to redeem dollars held by foreign governments for gold at an unchanging...
...peoples of the Western world owe their rising living standard in large part to the monetary system that now shows increasing signs of fragility. There are at least two separate, but related, troubles. The volume of world trade is rising far more quickly than the global supply of gold. To overcome that gap, the IMF last year devised a sort of "paper gold"-a new international money called "special drawing rights." Use of the SDKs, as they are called, awaits ratification by nations that contribute at least 80% of the IMF's $21 billion bankroll...
...Gold We Trust...
...Gaulle government's past policies of creating prosperity by holding down wages and skimping on social needs. In addition, France has long suffered from the tendency of many of its people to distrust their own currency, to put profit above patriotism and to have as their motto "In gold we trust." The crisis of the franc is basically a crisis of national confidence. Too many Frenchmen have been buying bullion and foreign money and transferring their savings to foreign countries in hopes of eluding an increase in taxes and a decrease in the franc's value...