Word: outflows
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Next day the President sent ripples of concern spreading around the world with a sweeping presidential directive designed to slow the U.S.'s gold outflow by curbing U.S. spending overseas. "A definite improvement in our balance-of-payments situation is mandatory," said Ike, "not only to insure our economic well-being and military security here at home, but also to insure that the U.S. can continue as a strong partner in the future economic growth and military strength of the free world...
...still exports more merchandise than it imports, but the balance is not big enough to make up for the outflow of dollars in foreign-aid programs, U.S. capital investments, spending by U.S. tourists, and the maintenance of U.S. armed forces overseas. Result: the U.S. has to send gold abroad to balance its accounts. In the past three years, U.S. gold reserves have dwindled by $4.5 billion, a jolting...
...balance-of-payments and gold-outflow problem, the U.S. last week got some help from abroad. Responding to heavy pressure from the Eisenhower Administration, West Germany lowered its discount rate from 5% to 4%, and its bank rates for loans from 6% to 5%, thus weakening a magnet that has been drawing gold from the U.S. Kennedy seems sure to insist strongly, as did Ike, that West Germany and other U.S. allies help more in defending the free world against Communism, thus relieving the U.S. of some of its heavy foreign spending...
...credit easing was a routine seasonal matter, but bankers and economists viewed it as a measure clearly designed to aid the static economy. One reason for FRB's caution is that it wants to avoid any sharp change in interest rates lest it step up the U.S. outflow of gold to nations with higher interest rates (see The Solid Gold Problem). Even more important, FRB is moving slowly because, like everyone else, it is unsure about where the economy is going - and whether it needs a nudge or a big push of easier credit...
There is no such easy solution to the major, long-term gold problem that still faces the U.S. It is caused by the steady outflow of U.S. gold, resulting from a huge deficit in the U.S. balance of payments. (The U.S. lost $108 million in gold last week, bringing the total this year to $983 million.) The latest figures indicate that the U.S. payments deficit rose to more than $1 billion in the third quarter...