Word: outflows
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...major money for international trade, U.S. tourists and investors, multinational corporations and military chiefs could spend dollars abroad almost without limit, piling up huge payments deficits. When other nations were faced with similar deficits, they had to take stern measures-like raising interest rates or restricting the outflow of capital -that have deflated their economies...
...congressional subcommittee on international economics, he issued a report recommending the unhitching of the dollar from gold. Mistakenly viewed by European speculators as an official hint of policy change, the report led to panicky selling of dollars on money markets. Nine days later, Nixon was forced to halt the outflow of billions of dollars from the U.S. by floating the greenback against other currencies. Reuss has no regrets: "The markets were in turmoil already, and I simply stated that the emperor had no clothes." Then Reuss put his knowledge of economics to work and lined up congres sional backing...
...home, possession of an overvalued dollar encouraged the illusion of American supremacy. But the U.S. paid a high price for that illusion in loss of markets to its overseas competitors, because American goods became artificially expensive in relation to foreign products. The world paid a high price too: the outflow of overvalued dollars to foreign countries helped spread inflation around the globe and robbed world finance of stability...
...made to stop their headlong rush toward the industrialization that accounts for most pollution. It will be equally difficult to clean up the mess already at hand. The Mediterranean, for instance, is badly ventilated. Water flowing in from the Atlantic through the narrow Strait of Gibraltar is flushed by outflow from four "lungs" -the Adriatic, the Aegean and the Rhone and Nile rivers. But these lungs, as Britain's Lord Ritchie-Calder notes grimly, are now polluted...
European business leaders strongly disagree. They have long pointed out that the current U.S. balance of payments deficit is much more directly a result of the Viet Nam War than of the long struggle to contain Communism in Europe. In addition, they note, part of the dollar outflow was caused by U.S. inflation, which made it more profitable for American businessmen and bankers to invest in European projects than in opportunities at home. "Nixon's campaign is not so much economic as patriotic," says the chairman of a large Belgian bank. "Patriotism and clarity of thought are almost always...