Word: outflows
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investors, as nothing else has, the fact that the momentum of inflation has been stopped-and that the Administration is committed to keep it that way. All the debate about increased foreign competition, about gold outflow, and the narrowing of profit margins that the steel hassle aroused made it clear to the nation that the green years of automatic growth, plump profits and U.S. dominance of world business were at least temporarily ended...
...Administration bill has three professed purposes: to clamp down on U.S. firms that channel their overseas earnings into foreign "tax havens," to slow the alleged "export of jobs" created by U.S. investment abroad, and to narrow the gap in the nation's balance of payments by restricting the outflow of U.S. investment capital...
...damaging psychological effect-especially abroad. Says Columbia University's Professor Raymond J. Saulnier, former chairman of Dwight Eisenhower's Council of Economic Advisers: "Deficits tend to undermine confidence in the value of the dollar, which can reflect itself in disinvestment in U.S. capital and in a gold outflow." As if to underscore the point, the Federal Reserve reported that the U.S. last week lost $40 million in gold, reducing the nation's reserves to $16.5 billion-the lowest level since August...
...more abroad than it gets back. The deficit in the U.S. balance of payments, predicted Dillon, will not be eliminated in 1962. Although Dillon did not estimate just what the deficit will be, it is possible that there may be no reduction at all this year in the gold outflow...
What to Do? Even though there is no immediate prospect of recession, Kennedy seeks his own means of spurring the economy. Some harsh disciplines prevent him from employing the customary Democratic devices. He cannot cut interest rates without worsening the outflow of gold to higher interest havens overseas, and he cannot promote massive Government spending programs without unduly distending his budget. He has thus turned to the relatively modest alternative of public works for the depressed areas...