Word: golds
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Dates: during 1950-1959
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FOLLOWING the course of European economic recovery, FOREIGN NEWS found that Europe is amassing gold and dollars at such a clip that the U.S., to protect its own economic strength, must press other nations to shoulder an increasing share of the burden of aid to underdeveloped countries. Around this basic point developed a definitive story of a momentous shift in the balance between the Old World...
...London newspapers reported that for the first time in the 20th century Britain is now selling more to the U.S. than it is buying. Taking all items into account (exports, military costs, economic aid), the famed dollar gap has been closed; since 1950 Europe has increased its pile of gold by $8 billion, and the outside world as a whole has managed to amass short-term credits in the U.S.-all constituting potential claims against gold-of $15.6 billion. Last year about $2 billion in gold flowed out of the U.S., and this year's U.S. deficit in foreign...
...this does not mean that the U.S. is about to go into international bankruptcy. The U.S. still holds nearly $20 billion in gold, half the world's supply, and an important part of the U.S. capital outflow is private investment overseas that will pay off in years to come. If it was not for foreign aid-$5.5 billion last year-the U.S. would even have $1 billion balance of payments surplus. But the swing in the international terms of trade does mean that in defense of its long-range economic strength, the U.S. has had to take...
Last week Iowa-born Gilbert Dalldorf, 59, won one of the 1959 Albert Lasker Awards ($2,500 plus a gold Winged Victory statuette) for following the White Plains footprints to Coxsackie and beyond, and also for showing that one viral infection may interfere with the development of another. (This may explain why, though Coxsackie and polio often coincide, one usually predominates and few if any patients seem to get both diseases...
...bidding up of German real wages is a relief. While Germany has boomed, the unions have been slow to demand higher wages. Now that German industry is being forced to share more of its prosperity with its workers, part of the trade advantage that has raised Germany's gold and dollar reserves past $5 billion will be lost...