Word: keynesism
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The U.S. presented last week its own tentative plan for stabilizing postwar exchanges and promoting world trade. The American proposal was the answer to British Economist John Maynard Keynes's plan for setting up a postwar International Clearing Union (TIME, April 5).
First international reactions were anything but reassuring. U.S. Congressmen fumed because their first information came from London, talked darkly of a coming currency battle over control of America's $22 billions gold hoard. Lost in the initial outburst of opinion was the fact that the White plan and the...
Unitas and Bancor. The White plan is an expansion of the stabilization fund technique which the U.S. borrowed from Britain during the '30s. The Keynes plan calls for the setting up of a true international bank-a kind of Federal Reserve System for the World.
The Keynes proposal asks no initial contribution of capital; its Clearing Union would start out with no tangible assets. It would simply issue credit facilities (a "line of credit") in terms of a unit called the "bancor" on which each nation could draw for foreign exchange up to specified quotas...
> Monetary policy (to be held in Washington at the end of April), at which the U.S. will trundle out its own Treasury plan to revise the 1936 Tripartite Monetary Agreement. This plan was the U.S. answer to British Economist John Maynard Keynes's plan for a world bank with...