Word: hoard
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Trouble at Fort Knox. The dollar is still the world's strongest currency-largely because it is backed with the immense hoard of gold that...
piled up as a result of the movement of capital out of Europe inspired by World War II. But the hoard is dwindling fast because the U.S., since the war. has spent, lent and invested more abroad than it has taken in. Despite a healthy trade surplus, the U.S. has pumped so much into postwar foreign aid and military spending overseas (total: more than $100 billion) that its balance of payments has run a net deficit of $20 billion over the past decade. Fort Knox has onlv $4.7 billion left to go before it breaks through the $11.7 billion floor...
What "astonished" the President was the fact that Government stockpiles of industrial materials that the nation might need in event of war had long since outstripped the scandalous farm hoard, are now valued at more than $7.7 billion.* Brusquely dismissing the plea of "military secrecy," which has long been used to conceal the exact extent of stockpiling operations. Kennedy said that stockpiles now contain almost twice as much material as the Pentagon assumes the U.S. would need for a three-year war. He estimated that the excess supply of nickel alone was worth $103 million, the excess supply of aluminum...
Demand proved too great even for the Government's hoard. In the past few weeks, a new buying spree cut the Treasury's silver holdings, over and above the amount legally required for currency backing, by nearly one-third to a scant 22 million ounces...
...Africans cannot manage without the whites. We have accepted Western civilization; we like it and are absorbing it as fast as we can despite the efforts of the government to cut us off from it. White South Africa's divine task is to propagate this civilization, not to hoard it from...