Word: outflow
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...fight for a balanced U.S. budget for fiscal 1961, disputes were rumbling that only the President could settle. The Pentagon was crying that U.S. defensive strength will suffer if the Administration insists on holding spending to the $41 billion level of the current fiscal year. In fighting against the outflow of dollars to foreign countries, the Administration was studying a possible cut in foreign aid and a revision of trade policies, with an eye toward shaping a new foreign economic policy that would hold the free world together...
...this does not mean that the U.S. is about to go into international bankruptcy. The U.S. still holds nearly $20 billion in gold, half the world's supply, and an important part of the U.S. capital outflow is private investment overseas that will pay off in years to come. If it was not for foreign aid-$5.5 billion last year-the U.S. would even have $1 billion balance of payments surplus. But the swing in the international terms of trade does mean that in defense of its long-range economic strength, the U.S. has had to take...
...week for the annual meeting of the World Bank and International Monetary Fund, they got a stern if fatherly lecture from U.S. Treasury Secretary Robert Anderson. Anderson underscored what the delegates already knew: the U.S. is suffering from a deficit in its balance of payments that is causing an outflow of gold from the U.S., steadily raising the amount of U.S. gold earmarked for European nations. The time has come, said Anderson, for the rest of the world to give a helping hand to the U.S. Said he: "There must be a reorientation of the policies of the earlier postwar...
...Treasury has repeatedly proclaimed that the outflow of gold from the U.S. gives no cause for alarm. Last week there were signs of a shift in this attitude by the Administration, and with it a possible shift in U.S. foreign economic-aid policy. The change was prompted by the fact that the U.S. loss of gold from Jan. 1 to July 24 was $898 million; the U.S. foreign-payments deficit this year will run $4.9 billion. Much of the deficit comes from the $5.5 billion the U.S. will spend this year in foreign aid, loans and military help...
GOLD PRICE RISE on London market to $35.145 an ounce, close to record, has been spurred by speculation U.S. Treasury may raise gold price above official U.S. rate of $35.0875 because of outflow of U.S. gold (TIME, May 18). But Treasury has no intention of doing...