Word: nondollar
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...early days of the World Bank, the U.S. supplied virtually all the goods and money for reconstruction and development projects. Now Canada and Western Europe are providing equipment for new development projects, the proportion of nondollar loans made by the Bank is increasing, and the Bank has nearly $300 million in nondollar currencies available for future loans...
...pointed out that, within existing U.S. tariff barriers, British exporters still had ample opportunities. The trouble was that the British had not tried hard enough to exploit them. He put an accurate finger on one reason for British woes: British business had preferred to sell its wares to nondollar markets, where demand was high and Britain met only soft competition...
...yawning "dollar gap," i.e., the fact that Britain, like most of the rest of the world, spends more dollars than it earns in the U.S. The British have tried to meet the situation by more production, increased exports, by cutting dollar expenditures, and rigging bilateral trade deals with nondollar countries. The chief trouble (in U.S. eyes) is that the British are poor salesmen, do not adapt their products to what is wanted in the U.S. and have prices which are far too high for the briskly competitive dollar market...
Europe cannot redress the balance but it can, Marjolin hopes, adjust to it. The U.S. will have to help by letting Europe buy more from nondollar areas and export more to markets which the U.S. now dominates, particularly Latin America. Europe will have to help by more austerity of the British type...
British and other nondollar traders cheered what amounted-for them-to a 20% drop in Argentine prices. ECA officials, glad to see European countries get any kind of a break, agreed that the decrees were "a step in the right direction." But they scoffed at the Buenos Aires story that it was part of a big deal that would shoot ECA dollars into Argentina. That still waited for: 1) lower Argentine wheat and meat prices; 2) Argentine willingness to pay at least part of the estimated $475 million now owing to U.S. firms...