Word: goldings
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Dates: during 1960-1969
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Though they sprang it on speculators as a surprise, central bankers had been quietly discussing the shutdown of the London gold pool and the move to the split-price system since British devaluation. Italy and Belgium, restive at the growing drain on their reserves, remained in the pool only at U.S. prodding. Timing the switch presented delicate problems. By waiting for repeal of a 1945 law requiring a 25% gold backing for the currency, the U.S. could muster another $10.4 billion of gold for the defense of the dollar abroad. By discomfitingly small margins, the measure squeaked through Congress just...
...Sneers. From Budapest to Peking, Communists greeted the gold stampede with outright gloating-showing at least that Lenin's followers still heed his counsel: "The way to defeat the capitalist system is to debauch its currency." Crowed the Polish trade-union council, Glos Pracy: "The dollar is doomed. It is possible that joint efforts by world financial circles will stave off the crisis temporarily, but this will only postpone the execution." Sneered the New China News Agency: "The capitalist monetary system has in fact collapsed...
France's Charles de Gaulle, who wants the Western world to return to the gold standard,* was playing only a slightly different tune from the Red band. He called the present international monetary system "inequitable" and "henceforth inapplicable." Its continuance, he maintained, would "condemn the free world to grave economic, social and political trials." De Gaulle's attitude was understandable. By committing themselves in Washington to the two-tier gold system, the five other members of the Common Market had handed France a remarkable rebuff. They not only flouted their partner's wishes, but did so without...
...uncurbed. Last week Federal Reserve Board Chairman William McChesney Martin summed up the result in gloomy terms. "We are faced with a budgetary problem that has been getting progressively worse-a sad progression toward undermining the currency," he told the Economic Club of Detroit. "The dollar is stronger than gold, but like it or not, the world no longer has the confidence in the dollar that it once had. People doubt that we can handle our own affairs." Economist Raymond Saulnier, who was chairman of the Council of Economic Advisers in the Eisenhower Administration, took sharp aim at the Johnson...
...year history, the U.S. has formally devalued the dollar in terms of gold only once, in 1934. Franklin Roosevelt's aim in raising the price of gold from $20.67 to its present $35 per oz. was to mid-Depression.*Not increase only farm did he prices in fail in that objective, but dollar devaluation furthered a chain reaction of compet itive devaluations and trade restrictions aimed at preserving jobs. One effect was to devastate world trade, which fell 57% between...