Word: imf
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Dates: during 1960-1969
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...oldest and perhaps most radical plan for reform, first suggested by Britain's Lord Keynes, is to turn the IMF into a supercharged world central bank with powers to create its own money. Yale Economist Robert Triffin revived and modernized this idea in 1959, and it has been embraced-in one form or another-by such experts as Prime Minister Wilson, former British Exchequer Chancellor Reginald Maudling, Greece's Central Bank Chief Xenophon Zolotas and Bank of Italy Governor Guido Carli. Wilson's version of the plan would work this way: 1) the IMF would create certificates...
...obvious advantage of this plan is that it would create more money that could be used in international trade. The obvious flaw is that many countries might be reluctant to turn over to the IMF powers to expand and contract the international supply of money. Replying to that objection, IMF Managing Director Pierre-Paul Schweitzer notes that the size of the money supply is now determined by such hazards as the extent of the U.S. dollar deficit and the amount of South African gold production-and that it would be far better for the world to control its monetary reserves...
...System Be Improved? There is rising support for creating a new international money. More than a dozen separate plans, differing widely in details, have been suggested by such men as International Monetary Fund Chief Pierre-Paul Schweitzer and U.S. Economist Robert Triffin. Some of them would give the IMF power to create money and credit, somewhat as Lord Keynes suggested a generation ago. Others would create a pool of money from the world's dozen richest nations, to which each would contribute according to its wealth, thus sharing in both the risks and rewards of reserve-currency countries...
...Estaing to strike the U.S. on its soft, golden underbelly. Giscard undertook the task with some pleasure: he was still smarting from his rebuff by U.S. and British moneymen at last fall's meeting of the International Monetary Fund in Tokyo, where he tried to get the IMF to adopt a new international currency based on gold that would favor the French. During last month's British money crisis he also got a genuine scare that both the pound and the dollar might be devalued, leaving France holding a billion-dollar bag of cheap currency...
...without much intervention, has resources at its call that are formidable enough to discourage currency speculators: $2.5 billion of Britain's own reserves, several hundred million dollars available from Continental banks, a $500 million swap arrangement with the U.S. and $1 billion in stand-by credits from the IMF. Besides, no government is likely to prescribe medicine as stiff as devaluation, the move on which the speculator gambles...