Word: outflows
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Dates: during 1960-1969
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President Johnson's request for the smallest foreign aid budget ever - $3.38 billion - was clearly influenced by the necessity of stemming the U.S. gold outflow and payments deficit. The Government planned several other measures to narrow the payments gap. The Treasury's new Under Secretary, Fred Deming, said that his department might place a tax on U.S. bank loans abroad, which amounted to between $2 billion and $2.5 billion last year. The Treasury will also begin to sell an additional $100 million weekly in short-term securities, offering higher interest rates to attract buyers; by thus edging...
...back its money with a 25% gold "cover." In the past year, the cover has dropped from 29.7% to 27.7%, largely because the Federal Reserve issued so much new money to service the expanding economy while the nation's gold supply has remained static. This year the outflow of U.S. gold to foreign countries is expected to reach its highest level since 1960, and the gold cover will slip perilously close to the 25% floor...
...crisis does not help to increase world confidence in the dollar-even though many Britons consider the 25% cover requirement nonsensical. Nor does it raise confidence in the efficiency and fairness of the world money system. Despite its $7 billion trade surplus, the U.S. has to worry about an outflow of gold under the current rules simply because it spends so much abroad for tourism, investment, foreign aid and the common defense of the western world. More and more money experts have begun to complain that any system that penalizes such beneficial spending is in need of overhaul...
...central banks and national treasuries, the most favored way of paying debts among nations. Though no longer the real measure of a nation's wealth, it can set heads to shaking by its movements, as they shook again last week when the U.S. announced a $70 million gold outflow in June (double the loss in May). Despite all this interest, no one knows exactly how much gold the world has. In a new report, Barclays Bank of London has come as close as possible to a definitive answer: 2.1 billion oz., or 72,000 tons worth some $75 billion...
Three Strikes. In the '50s, Harlem's population actually declined by 27,000 because of the construction of vast housing projects. The outflow relieved the ghetto's congestion somewhat, but it also damaged Harlem's future almost beyond repair, for 41,000 middle class Negroes in their 20s and 30s got out, making Harlem more of a slum than ever and leaving it with no core to build...