Word: internationale
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Dates: during 1960-1969
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> The first international form of money, the Special Drawing Rights, is created, 1969.
U.S. officials, far from celebrating their victory, were negotiating an arrangement to prevent the free-market price from dropping below $35. They intended to do so by loosening up the U.S.-inspired boycott against South African gold. Under the boycott, central banks had bought hardly any South African gold; this...
At a secret meeting last week in Rome, South African Finance Minister Nicolaas Diedrichs and Paul Volcker, U.S. Treasury Under Secretary, framed a compromise. It would permit South Africa to sell a certain amount of new gold to the International Monetary Fund whenever the country's balance of payments...
Stiff Price. The deal brought an angry response from Congressman Henry Reuss, chairman of the Joint Congressional Subcommittee on International Exchange and Payments. He said that the U.S. "would pay a stiff price for any compromise with South Africa." A floor under the private price of gold, he argued, would...
Executive Infighting. The most damaging threat to Mekong development has come from the United Nations. Eager to borrow big money from Robert McNamara's World Bank and other international banks the U.N. shook up the Mekong management two months ago in a way intended to heighten its appeal to...