Word: goldings
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Dates: during 1960-1969
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...forest-cupped resort town of Bretton Woods, N.H. Out of their deliberations came the Washington-based International Monetary Fund and its sister agency, the World Bank (now headed by Rob ert Strange McNamara), which makes loans to underdeveloped countries. Bretton Woods' key decision was to stick with gold as the primary international monetary asset. In vain, Britain's John Maynard Keynes argued for creation of a new international money to sup plant gold. He warned that reliance on "the barbarous metal" would ultimately lead to a drying up of reserves and re strictions on trade and capital flow...
Schweitzer's main concern nowadays is to complete the biggest change in the IMF's 24 years: creation of a new international money - paper gold - to take the pressure off dollars, pounds and real gold in bankrolling world trade and investment. It goes by the clumsy name of "Special Drawing Rights," or SDKs for short. Actually, SDKs would have some characteristics of currency and some of credit. They would consist of wholly artificial reserves, carried on the IMF's books as a separate fund and backed by pledges of contributions from IMF members in their own currencies...
...HAVE the same feeling about gold that I get when I read the society pages," said Los Angeles Drug Salesman Peter Davis, 28, last week. "What goes on in high society has no effect on my life-and that's the way it is with gold." Well, that is not quite right. And though the precise effects of the recent gold crisis upon Davis and millions of other Americans remain speculative, one thing is certain: the whole business is going to hit where it hurts...
...direct result of the gold emergency, the Federal Reserve Board has already raised the discount rate-the interest that Federal Reserve banks charge member banks to borrow money-from 4½% to 5%. That increase will make loans less avail able-and more expensive. Very shortly, people seeking a bank loan for a car, a trip or a color TV set will probably find that it is costing them more in interest than it would have last week; those with less than gilt-edged credit ratings may find it impossible to borrow from a bank. The same principle applies...
Then, too, there is always the matter of a tax increase, a measure widely demanded as a sign of U.S. economic discipline necessary to remedy the gold drain. President Johnson has long since asked for a 10% surtax. This means that an unmarried taxpayer who, with an eye toward April 15, has figured this year's federal tax due on $10,000 at $1,742 would next year owe an additional $131, based on a higher tax tor nine months. So urgent has the tax issue become that Washington has begun to talk about returning to the higher schedules...