Word: goldings
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Dates: during 1960-1969
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...great mahogany doors of the House Ways and Means Committee flew open, and a dozen Senators and Representatives shouldered their way through the newsmen outside. None of them would say what had transpired. That was up to the potentate whose name Mr. Mills is affixed in gold block lettering on the chamber's entrance...
...device was the SDR (Special Drawing Right), the IMF's answer to the need for an expanding supply of international currency which does not require that the U.S. run a deficit or that South Africa and the Soviet Union sell their gold. SDR's will never exist except on the books of the IMF; they are strictly fiat money. They are currently called SDR's because no better name has evolved (the IMF would probably welcome suggestions). They are no more and no less than their name implies; they are the right of a member nation of the IMF, under...
...reasons for its adoption are quite clear. At present there are two major types of reserves being held by nations to finance deficits and satisfy their normal transactions demands for a freely exchangeable currency: dollars and gold. The reserves of gold which the members of the IMF may legitimately hold have been frozen; they may neither sell nor buy gold on the open market without losing their right to exchange dollars for gold at the $35 an ounce price; they can only exchange a fixed amount of "$35 gold" among themselves. The U.S. is trying desperately to eliminate its balance...
...possible deficit or surplus may lie, and unless a nation is willing to allow its exchange rate to fluctuate to absorb the surplus of deficit, the resources for financing deficits must increase. This adds up to an increasing demand for reserves at a time when the supply of gold is zero and the supply of dollars is decreasing. Faced with the alternatives of creating some sort of international currency, experimenting with freely fluctuating exchange rates, or returning to the pure gold standard, the majority of the members of the IMF indicated a preference for the first...
...underdeveloped nations. Because they must import large quantities of machinery and other producers' goods, they have chronic balance-of-payments difficulties and will demand more and more credit in the form of SDR's. For exactly the same reason they lack large reserves of dollars and particularly of gold. Fearing the operation of Gresham's Law (that the best currency drives out all others as a store of value) with gold being the most highly-prized form of reserves, they will press for the mandatory use of SDR's, with all other reserves being converted into...