Word: longer-term
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...further bolstered the franc with a request for an additional $140 million drawing from the IMF. Britain is headed for an expected deficit of at least $500 million in 1968, but expects to show a substantial surplus in 1969. It is now trying to arrange a longer-term loan to go along with the three-year credit it received from the IMF. Such a loan, which will probably be financed by a group of individual countries, is necessary to stem the continuing flight from sterling that, if allowed to go unchecked, could increase pressure for yet another devaluation...
Peter Ustinov, an actor who writes, prefers to be known as a writer who acts. "Acting is the quickest way of making a living," he says. "Writing is a longer-term thing. It is also-from the purely day-to-day angle-a kind of insurance policy...
...time of crisis, when more demands may soon be made upon its productive capacity, U.S. industry thus has both the cash and the incentive to expand. More and more industries are making longer-term plans, paying less attention to possible short-term fluctuations in the economy and more attention to likely expansion and markets over the long haul. The aerospace industry is making hard plans for ten years ahead and estimates for 30. Detroit automakers have already begun firm planning in the expectation that "normal" yearly sales will be 9,000,000 cars...
...Thanks to Washington's policies of firming up interest rates to prevent investment capital from flowing to foreign countries, the yields on U.S. securities have risen about 1/2 of 1% in the past year - to 3½ for short-term Treasury bills, and to 4% or more for longer-term issues. To further increase their income, the bankers have been switching increasingly from Government securities to municipal bonds, which are taxexempt. In the past year, they have boosted such investments by 23% , to nearly $23 billion...
...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...