Word: metalized
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Dates: during 1960-1969
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...only appointment last May as full-fledged Secretary-youngest in the department's history-but also a rising role in such Administration efforts as attracting business interest in slum problems, trying to end the long copper strike (which has caused an increase in imports of the metal), patching up L.B.J.'s tattered ties with big business...
...gold. In the White House, the Treasury, the Federal Reserve and Congress, a growing number of policymakers are asking why the U.S. has to concern itself with gold at all, and whether the world's richest nation might not be wise to cast its currency loose from a metal that Lenin once said was fit only to build public toilets. Behind this question is the sound conviction that the dollar, backed by the powerful U.S. economy, is not as bad as gold. At home and abroad, most monetary experts believe that the gold-exchange system...
...does that, the gold problem will disappear. "Then," says Germany's top banker, Emminger, "the U.S. can do whatever it wishes about the gold price. Then everyone, or almost everyone, will be quite content to hold onto his dollars. There is no advantage in holding onto the metal once you become convinced that the dollar will truly hold its value...
...that time, the U.S. will be able to drift away from the gold pool and greatly lessen the monetary emphasis on gold, thus ridding the world of much of the alarm, speculation and instability caused by what William McChesney Martin calls "that barbarous metal." Most bankers and economists believe that the major monetary trend of the future will be a shift away from gold and toward a truly international paper currency, supported by contributions of currencies from all major nations. When that happens, money will be regulated by men instead of metal, and the value of each nation...
...Rarely mentioned is the pleasanter side: balance-of-payments surpluses. Yet they exist, cropping up in highly unexpected places, sometimes for unique reasons. The Irish Republic last year enjoyed its first surplus - about $6,000,000- since 1961, thanks greatly to rising exports of textiles, food, refined petroleum and metal ores. Impoverished Tanzania achieved a $28 million payments surplus in 1966, despite its per capita annual income of about $65, because administrative bottlenecks and manpower shortages delayed government spending...