Word: goldings
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Dates: during 1960-1969
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Last month the Bat was evicted from its clubhouse above the Gold Coast Valeteria, and since then it has sold all its furniture to pay off its debts...
LAST week was not a happy one for Lyndon Johnson. It was a time of reckoning for his Vietnam policy, politically in New Hampshire, economically in the London gold pool and on Wall Street. The economy has been distorted and the balance-of-payments deficit exacerbated by the war effort. The Administration can no longer hope to disguise or postpone these problems; it must come to terms with them now, and the terms are bitter...
...various currencies can be exchanged for dollars or for pounds, which are freely convertible into dollars at a rate which is more or less fixed. Dollars can be converted into gold at a fixed rate of $35 an ounce. The system works beautifully--as long as everyone is confident that the price of gold will not rise above $35 and that holding dollars or pounds is equivalent to holding gold...
Gore's seat on the Finance Committee keeps him close to the gold crisis and the President's fiscal policies, and he uses the opportunity to attack the war from another angle. Vietnam has created a "crisis of confidence in American leadership," Gore says, and the Administration's two-price gold system is "just another temporary palliative" in response to this fundamental problem. He supports the tax increase, though he thinks more severe measures are needed. But the ultimate answer, he says, is that "we must...
Government representatives of the U.S. and six European countries ("the gold pool") will meet to find a crisis solution in Washington today...