Word: outflows
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...struggle to dam the dollar outflow, the Administration has cut tourists' take-home liquor, curbed bank loans, substituted scrip for soldiers' cash salaries in Viet Nam and even persuaded federal junketeers to stop at U.S.-run hotels abroad. Lately, it has not only leaned hard on investment by U.S. business in foreign plants and companies but has been warning that businessmen will be expected to do still more next year to help the U.S. achieve "equilibrium" in its balance of payments...
...sources. At 5:18, the 300,000-kw. influx reversed; in seconds, 1.5 million kw. were surging northward, draining the city at its moment of peak demand. Before Nellis could halt the outflow by cutting Con Ed off from CANUSE, lights began flickering all over the city until only a scintilla of orange glowed from each bulb. For an instant, the lights surged on again; and then, like a theater at curtain time, New York sank into darkness...
Instead of curtailing their foreign investments as a result of President Johnson's call for a "voluntary" downhold on dollar outflow, American business men are expanding faster than ever overseas. They have indeed improved the nation's balance of payments by cutting back U.S. bank loans to foreigners and repatriating more profits from ventures abroad. But they will in crease their foreign investments by 20% this year, spending a record $7.4 billion, about half of it in highly developed and competitive Western Europe. The bulk of these investments will not damage the U.S. balance of payments. Reason...
...worry about the outflow of gold caused by French intransigence? France owes us some $6 billion in World War I debts, some $588 million from World War II. All we have to do is default on payment in gold to France till its debts are paid...
Unfriendly Attack. There is, inevitably, a reverse side to the coin. This vast outflow of dollars?for aid, military assistance, business investment, tourist spending?has for 14 years exceeded the money flowing into the U.S. from its foreign transactions. Result: a chronic deficit in the U.S. balance of payments. What makes the payments deficit so serious is that each deficit dollar is like a check written against the gold supply of the U.S. Treasury, which is pledged to exchange foreign-held dollars for gold upon demand. Largely as a result of its payments deficit, the U.S. has suffered a steady...