Word: goldings
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Dates: during 1960-1969
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...Federal Reserve, as is its custom, waited until the stock markets closed on Thursday to announce the new rate. The move was wise. Already that day, on news of the growing gold crisis, the Dow-Jones industrial average had fallen 11.32 points for its sharpest drop in 18 months; on the New York Stock Exchange, declines in stock prices outnumbered gains by 10 to 1. Next day, while London's market was shut down, New York opened on schedule, and in an equally busy day the industrials regained half of what they had lost. Most of the activity...
...Cover. In Washington, the crisis helped to swing a critical vote. The Senate, after considerable debate, heeded Majority Leader Mike Mansfield's warning during an evening session that "tonight is important in the history of this country." It passed the legislation that Martin insisted on to remove the "gold cover" that has been in force since 1934. But the vote was close (39 to 37), as conservative Senators who want deeper cuts in non-military spending and liberals who oppose increased spending on Viet Nam joined together in a coalition of protest. Under the bill, to be signed...
...Tiers. The bill to remove the gold cover seemed to come almost too late to be of use-if only because the Gold Pool itself is likely to be revamped as one result of last week's emergency. The Europeans arriving in Washington-Britain's O'Brien, Hubert Ansiaux of Belgium, Karl Blessing of Germany, Guido Carli of Italy, Jelle Zijlstra of The Netherlands, and Edwin Stopper of Switzerland-favored the view that the time has come to try the "two-tier" system of gold prices that many an economist has been urging. Under the two-tier...
...tier system, like the foundering Gold Pool, would be used as merely a short-term solution to the gold drain. Before long the central bankers hope to implement the idea of special drawing rights that could be used as reserves along with gold and dollars. The S.D.R.s would be certificates representing members' credits in the International Monetary Fund. They would make it less necessary for other governments to hold so many dollars in reserve-and less burdensome for the U.S. to redeem these dollars with gold...
Beating the Dogsleds. Both lines had colorful histories. In 1924, with his pi lot license No. 39 signed by Federation Aeronautique Internationale Official Orville Wright, Noel Wien brought his Misso Standard biplane to Alaska and began servicing the gold-rich territory...