Word: indirections
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...master our gold problems, they will master us." Last week, under pressure from European financial leaders who fear that the continuing gold drain could start a worldwide deflationary cycle by further undermining the dollar, the U.S. took three actions. It set higher interest rates on short-term borrowing, put indirect controls on longer-term exports of U.S. money, and surprisingly indicated a readiness to borrow from the International Monetary Fund, which the U.S. originally helped to set up at Bretton Woods in 1944 to bail out poorer foreign countries...
...prides itself on having completely free capital markets. That boast shrank somewhat when President Ken nedy last week ordered an indirect control called an "interest equalization tax." If Congress approves, as expected, U.S. purchases of most new foreign stocks and bonds will be dampened by a tax on American buyers of up to 15% of face value. The purchaser of a 20-year, $1,000 foreign bond, for example, will be taxed 12.25%, which would raise his overall costs to $1,122.50. The U.S. hopes that purchases of such securities -now running to $1.8 billion a year-will be slashed...
Seeking an Excuse. What really led the Administration to call off the tests was another, indirect message from Khrushchev. In a flurry of radio broadcasts, the Russians charged the U.S. with "imposing on the world a new round in the atomic arms race," warned that Russia "is not going to stand by idly watching the U.S. perfect its nuclear weapons...
...Youth Conservation Corps Bill will apparently be killed by the House Rules Committee this month, as an indirect consequence of the President's sending federal troops to Birmingham...
...even governmental presence in the banking structure, as suggested above, would represent an "indirect" approach to achieving full employment. Direct action entails government participation in the economy as a capitalizer, and would require a political and financial leeway which the Congressional right-wing has not granted the Administration unless defense contracts were being issued...