Word: paper
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Dates: during 1960-1969
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...Charles de Gaulle and other foreigners. McGeorge Bundy was not quite right when he cracked that only the greedy, the frightened, country folk and Frenchmen love gold. Anybody who has seen his fortunes dissipated by recurrent invasions, inflations and devaluations views gold as a safer haven than any paper money. Men die to dig gold out of two-mile-deep mines and then bury it in hermetically sealed vaults because, when all other currencies fail, gold can buy anything, anywhere. Particularly prized by political refugees, nervous dictators and indulgent sugar daddies, gold is eternal, objective and anonymous. Says U.S. Economist...
...S.D.R.s" will probably not be activated until the U.S. and Britain markedly reduce their balance of payments deficits. But it is quite possible that by 1975 the S.D.R.s will increase the world's reserves by 25%. Says German Banker Hermann Abs approvingly: "It's like putting a paper tiger in your bank...
...gold, thus ridding the world of much of the alarm, speculation and instability caused by what William McChesney Martin calls "that barbarous metal." Most bankers and economists believe that the major monetary trend of the future will be a shift away from gold and toward a truly international paper currency, supported by contributions of currencies from all major nations. When that happens, money will be regulated by men instead of metal, and the value of each nation's currency will more truly reflect its real economic strength...
...recent cartoon in the Rumanian Communist Party newspaper Scinteia pictured a chubby bon vivant in a homburg slouched in the back seat of a limousine driven by his uniformed chauffeur. The paper's lampoon was propaganda, all right, but this time it was not aimed at the usual effigy of a capitalist boss. Its target was the Communist Party's own fat cats. In Rumania, as in the rest of Eastern Europe these days, the party is working hard to eradicate one of the biggest and most abused privileges perpetuated by Communism's affluent new class...
Although Martin's recommendations are almost completely opposite to U.S. plans or inventions, the Saigon government and press took great offense. Saigon newspapers charged Martin with being a "colonialist," and demanded his expulsion. One paper ran a poem accusing him of every known vice and concluding: "You s.o.b., and your father and your mother and all your family and all your ancestors." More direct action was also threatened. Getting word that ARVN soldiers planned to sack the villa in which Newsweek is quartered, Martin had bars put on the windows...