Word: outflows
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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...
Imbalance & Interest. The alliance faces two basic economic problems: Europe is wrestling with persistent inflation, and the U.S. is fighting a pernicious international payments imbalance and gold outflow. These two problems captured the attention of the meeting, which included almost everybody who is anybody among the world's money managers-from IMF Managing Director Pierre-Paul Schweitzer and Deutsche Bank Chief Hermann Abs to Morgan Guaranty Chairman Henry C. Alexander and the U.S.'s Gardner Ackley, a member of the President's Council of Economic Advisers. The more they talked, the more obvious became their conflicting goals...
...payments that Washington had hoped to collect last year did not come in until this year. But there was much more to it than that. The proposed U.S. tax on purchases of foreign stocks-among many other deficit-fighting measures put forth under President Kennedy-has already reduced capital outflow. The threat of this tax, which is likely to become law this summer, has already been effective because the tax will be retroactive to last July...
...much, and 2) to force them to resist new wage increases demanded by the unions, thus helping to bring exports into line with imports. Higher interest may be the answer for Britain's current ills, but it is bad news for the U.S. Though the U.S. gold outflow has been wrestled under control in the past five months, Treasury Secretary Douglas Dillon recently urged European countries not to raise their interest rates this year, to avoid attracting dollars from the U.S. With the British bank rate now 1½% above the U.S. rate, many investors will be tempted...
...have to come back despite the higher rates simply because there is not enough ready capital in Europe to satisfy world demand. Probably no U.S. action-other than the unthinkable step of ending the nation's free capital market tradition by closing out foreigners altogether-can stem the outflow of investment capital from the U.S. The solution lies in Europe's meeting the new financial responsibilities its prosperity has forced upon...