Word: outflows
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...situation that Treasury Secretary Robert Anderson got on the phone to Henry Ford II and offered "suggestions about the advisability of Ford's offer to buy a11 the stock of its British subsidiary (TIME, Nov. 28), which presumably would add some $300 million to the U.S. gold outflow. Ford politely said that the company was going ahead...
...solid gold status. Yet the reserve provisions leave so little gold left for international settlements-about $6 billion of the nations $18 billion stock- that when the level drops, foreign bankers get nervous and turn their balances in the U.S. into gold, thus speeding up the outflow...
AIRLINE TRAFFIC CUT will probably result from the President's order to reduce number of military dependents abroad to stem gold outflow. Last year airlines earned $68 million ferrying 428,000 dependents. But projected contracts for $35 million to haul 221,000 persons in 1961 are now in doubt...
Treasury Secretary Anderson saw three years ago that if the gold outflow kept up it would endanger the stability of the dollar. He set out on a soft-spoken crusade to help right the U.S. balance of payments by persuading prosperous Western Europe and Japan to 1) lower trade barriers against U.S. goods and 2) take on a bigger share of the burdens of defending the free world and aiding the underdeveloped countries. This week, in pursuit of these goals, Anderson and Under Secretary of State Douglas Dillon are scheduled to meet with top West German officials in Bonn...
...Money. Despite Anderson's efforts, the U.S.'s balance-of-payments difficulties worsened during the second half of 1960. A droop in the U.S. economy, bringing lower interest rates, led to a heavy outflow of "hot money"-private capital that shifts from one country to another in pursuit of high interest. A few weeks ago, fading international confidence in the dollar reached a feverish climax when speculators in the London gold market bid up the price of gold to more than $40 an ounce-far above the official U.S. price of $35. Anderson felt that desperate remedies were...