Word: hoards
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...butter and canned vegetables were real. But the victory cost heavily in moral prestige. Into the ashcan with the invalidated stamps went much public confidence in OPA. Housewives asked: Can Washington ever again be trusted to deal fairly with those who save? Do the rewards go to housewives who hoard the most food and squander the most stamps? Many a citizen, mindful of what happened to his red and blue stamps, began to look suspiciously at airplane stamps 1, 2 and 3, wondered if they should be spent at once on shoes -which will hereafter be rationed at less than...
...Returning from Paramushiro, the pilot of a twin-engined Navy Ventura bomber found that flak had holed the hydraulic-pressure system; there was not enough fluid left to lower the landing flaps. A machinist's mate used the crew's hoard of orange juice and coffee to refill the hydraulic reservoir. It worked...
...Federal Reserve Board took a searching look last week at prospects for postwar trade, found them bright. The chief reason: foreign nations (governments and central banks) have piled up an immense hoard of $17 billion in gold and U.S. dollar credits, a lush increase of $7 billion in the last three years. More important, much of this is held by onetime gold-poor nations, notably in Latin America. Typical example: Brazil, which owned a mere $50 million in gold in December 1940, now has $295,000,000 put away...
This foreign hoard has piled up for several reasons: while the U.S. has been Lend-Leasing goods and weapons to some nations, it has had to plunk out cash to import huge quantities of raw materials and stockpile supplies in foreign countries. Another drain on the U.S. is to the 6,000,000 U.S. servicemen abroad. Although the U.S. is now exporting $14 billion in goods a year, the Board pointed out that only some 50% of this is for cash. The rest is Lend-Lease. In fact, excluding Lend-Lease operations, the U.S. has had an "unfavorable" balance...
Furthermore, if U.S. exports once again become greater than imports, the foreign gold and dollar hoard will prove a temporary buffer against the artificial exchange controls which helped strangle foreign trade before the war. Said the Reserve Board: "Foreign countries will be able to meet larger deficits in their international transactions with the U.S., should such deficits occur, without resorting to currency depreciation, exchange control or drastic measures of internal deflation...