Word: knoxes
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...Fort Knox last week bore an uncomfortable resemblance to a besieged stockade on the plains of the Old West. The fort was under attack not by redskins but by sharp-eyed and pin-striped foreign bankers. In the past fortnight, U.S. gold reserves have fallen by $80 million, now stand at a 23-year low of $16.7 billion. This is $2 billion less than total short-term foreign claims against the dollar. While U.S. officials rightly insist that foreigners will scarcely call all their claims at once, the fact that U.S. gold reserves could theoretically be wiped out on call...
...Washington newly uneasy last week. Even if the total gold drain for 1962 could be held to the 1961 level of $700 million, as the Administration expects, there would be no cause to cheer. If-improbably-the U.S. continued to lose gold at that rate indefinitely, Fort Knox would go bust sometime around...
Friendly Persuasion. Because the whole free world has a stake in seeing that Fort Knox doesn't go bust, Washington has recently been inundated with a flurry of radical suggestions for keeping it solvent. A group of Republican Congressmen want the Government to discourage speculation in gold by abandoning the guaranteed U.S. purchase price of $35 an ounce. French Economist Jacques Rueff, who masterminded De Gaulle's successful currency reform plan, urges complete scrapping of the managed-money system and a return to the classical gold standard-a step that he argues would stimulate the international flow...
...would let the two books stand as a unit. He wrote a strange, apparently autobiographical account of a bout of hallucination and irrationality, titled The Ordeal of Gilbert Pinfold (TIME, Aug. 12, 1957), and in 1960, he published the biography of Britain's late, literary Msgr. Ronald Knox. But the third book was only waiting. "He took the pile of manuscript, his unfinished novel, from the drawer and glanced through it," he wrote on the last page of Pinfold. "The story was still clear in his mind. He knew what had to be done...
...When we've seen a painting we liked," says he, "we've been able to make up our minds quickly without having to go through a committee. We are the committee." In the last seven years alone, Knox has given more than 160 works to the gallery. He got his Pollock before the artist's sudden death sent Pollock prices skyrocketing. The Albright was the first museum in the world to buy a Clyfford Still and one of the first to buy a Henry Moore. It now has at least one work by almost every major abstractionist...