Word: outflows
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...Suburban Outflow. By whatever name, what is happening in Virginia is enough to unstatus the quo from Accomac to Yorktown. Not only did the assembly approve a record two-year budget of $3.13 billion, up 27.5% from 1966-68; it also gave Godwin authority to borrow $81 million of it. If voters approve in a November referendum, Virginia for the first time this century will float a general obligation-bond issue, a routine fiscal expedient long employed by all but a scattering of states...
Though Congress initially looked askance at travel taxes, it came around to the realization that some action was needed to stem the outflow of gold and dollars. "We can't cure the balance of payments situation by keeping a few tourists home," said Wisconsin's Congressman John Byrnes, but he conceded that he would vote for the taxes if the President proposed other measures as well to plug the drain...
...strains caused by British devaluation and U.S. curbs on the outflow of dollars last week prompted continental Europe to begin changing its economic course...
Target & Muscle. The deficit grows out of the nation's vast commitments around the world-and the insatiable wanderlust of millions of its well-heeled citizens. In 1967, the outflow turned to a flood-between $3.5 billion and $4 billion. Major factors included the tourist rush to Canada's Expo 67, the outpouring of private funds to finance Israel's costly war, the slowdown in Europe's economies and, most important of all, Britain's devaluation of the pound, which caused a speculative rush for gold and put intense pressure on the gold-backed...
...past decade, U.S. gold reserves have dwindled by $10 billion, and devaluation abroad is likely to accelerate the outflow. For one thing, it will make some foreign imports cheaper for Americans while U.S. exports will be more expensive for the 23 nations whose currencies have been devalued. For another, it will certainly encourage more U.S. tourists to head abroad to take advantage of bargain prices in countries that have adopted minipounds or minipesetas. "Now Britain and Ireland give you more for your money," trumpeted Pan American World Airways in newspaper ads 36 hours after sterling was devalued. "Things that used...