Word: marketeers
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Dates: during 1960-1969
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...Tokyo market's performance reflected the increasing strength of the Japanese economy. This year, despite a 6% rate of inflation, Japan may over take West Germany as the No. 3 nation in terms of Gross National Product, after the U.S. and the Soviet Union. The Japanese government has already twice revised G.N.P. growth estimates for 1968, from the original 7% to 8.5% and, recently, to 9.6%. Exports are expected to reach $13.3 billion, a 23% increase over 1967, and thus turn last year's balance of payments deficit of $535 million into a surplus of about $750 million...
...been curbed, notably by the licensing of security firms. Bitter memories of 1961 have also been dimmed by present prosperity. Last year 6% of Japan's population owned securities, and so far this year small investors have poured some $1.9 billion of their savings into the market...
...find its own level in the marketplace. To make the system work, the central banks agreed to buy no newly mined metal. They also agreed to sell no gold whatever to any country that might then succumb to the profitable temptation to unload official gold reserves in the free market, where the price has hovered around...
Bridling at the Setup. As the source of three-fourths of the free world's new gold, South Africa bridled at the new arrangement. Officials figured that if the country turned to the free market for a gold outlet, the price of its largest export would plunge. The U.S., on the other hand, hoped that South Africa would be forced into making free-market sales, thus lowering simultaneously the price of gold and the pressure on the U.S. dollar. The result has been a six-month war of nerves. South Africa has stashed away all but a tiny...
Despite U.S. objections that this would put a floor under the free-market price and thus reward speculators against the dollar, the idea has gradually won strong backing among European bankers. Many worry that the value of their own hefty gold stocks would be lowered if the free-market price should slip below the official price. The larger South Africa's gold pile grows, the more nervous the bankers get, fearful that the great golden overhang might somehow cause the free-market price to collapse. Some see South African sales to the IMF as a clever...