Word: nationalizes
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Dates: during 1970-1979
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...Market next month begin pooling a portion of their official reserve holdings to create a kind of central bankers' supermoney. The European Currency Unit, or "ecu," is intended to be the precursor to a Common Market currency that would at least partly replace marks, francs, guilders and other national money. Each member nation must contribute not only paper money but also 20% of its gold reserves to the pool that will back the new ecu. In short, the ecu will be partly supported by gold. Laments one discouraged U.S. Treasury official: "The drive to demonetize gold has clearly suffered...
...also chased after the "hard currencies" that were not being debauched by inflation, especially the Swiss franc, the mark and the yen. As the dollar plunged, these currencies rose along with the value of gold. That is now beginning to change as more investors conclude that ultimately no industrial nation can withstand inflation and energy-related shocks. Says Guy Field, a London gold dealer: "Last year the high price of gold reflected the decline of the dollar on exchange markets. But gold is now moving ahead on its own accord as people insure themselves against the fickleness of all paper...
...gold at $152 per oz., $10,000 in silver, and half as much in Swiss francs. Just over three years later, the gold is worth more than $16,000, and the other investments have also gained handsomely. Now he plans to increase his investments. At Deak-Perera, the nation's largest retailer of gold coins, Chairman Nicholas Deak reports that some of his recent customers have been high school kids. Says he: "It's a little scary. They just walk in and say they have a little money and they want to buy a Krugerrand...
...Vietnamese refugees are doing well working in a local meat packing plant (where employment has doubled in the past four years), and some of them are beginning to start their own small enterprises on the side. Wichita's unemployment rate for blacks, 7.7%, is much lower than the nation's average. Women are also getting ahead. Olive Beech, who with her late husband founded Beech Aircraft, is now its chairman (not chairperson), and thus ranks as one of the nation's highest female executives. Wichita's Nancy Kassebaum is the U.S. Senate's only woman...
...Belt conservatives have barred the public sale of liquor by the drink. But the city is on a culture kick. In the past decade, Wichita has opened a flying saucer-shaped civic center that dominates downtown, a 12,200-seat coliseum for conventions and cattle shows, one of the nation's better Indian museums, two art museums, a planetarium, a zoo and three new libraries. That hardly makes the community a rival to, say, Chicago. Yet almost everything is up to date in this Kansas city, and that is a good sign for the nation that surrounds...