Word: legalizes
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Dates: during 1960-1969
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...present system is symptomized by a deficiency in liquidity and a fundamental dis-equilibrium. In this system central banks use a mixture of gold and foreign exchange as reserve assets--meaning that they back a portion of their currency with dollars and pounds. Every central bank has the legal right to convert its dollars to pounds at the rate set by the U.S. Treasury: 35 dollars to the ounce. But every central bank knows that the U.S. Treasury just doesn't have enough gold to redeem every dollar in foreign hands. Therefore, every central bank is reluctant to hold dollars...
...launched in 1963 with an Athens conference of 1,000 lawyers from 105 countries. Last year he opened the World Peace Through Law Center in Washington, D.C. Now he is planning the first "World Law Day"-as part of a September conference in Washington that will muster 2,000 legal leaders from 120 countries and mine their ideas for "an overall world judicial system...
...Most of it stems from sheer necessity, as trade and travel shrink the world. Hundreds of new agreements cover subjects ranging from space rights to the continental shelf, and the U.S. alone is party to more than 1,400 treaties involving everything from the nuclear test ban to the legal status of G.I.s in foreign lands...
...obstacle to a coherent world system of law is the lack of a world legislature to codify international law so that courts can determine common principles. Still, there is progress. Relatively few U.S. law schools taught international law even five years ago; today 101 do. More and more U.S. legal scholars are researching precedents in a variety of fields from propaganda to sovereignty, showing clearly what international law holds in fact rather than theory...
...relaxant (it appears to act as a stimulant only because it masks fatigue); and because it relaxes first the "most civilized" functions of the brain, it tends to banish worry. It makes people more tolerant of each other's foibles. It loosens tongues, and may dissolve some legal and moral restraints. But Dr. Chafetz is chary of the widely held belief that men or women do unacceptable things merely because they are under the influence. "The virgin who succumbs because she drank too deeply," he says, "was tired of waiting before her first drink...