Word: pools
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Dates: during 1960-1969
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Today's curlers slide a 44-lb. block of highly polished granite that looks like a wheel of cheese with a handle on top. And the game has evolved into a test that combines the finesse of golf with elements of lawn bowling, horseshoe pitching and pool-plus a dash of chess strategy. A rink (four-man team) scores one point for each stone it keeps closer to the bull's-eye than any rival stones. An expert curler can slide his stone more than 100 ft. down the ice with a spin so fine that it will...
That rate reflects Wall Street's disquiet over the huge federal budget deficit, which portends gigantic federal borrowing and still higher interest rates in the months just ahead. The 6.45% return applied to Federal National Mortgage Association "participation certificates"-shares in a pool of Government-owned mortgages and other loans. They were available to the public in minimum lots of $5,000. Though not a direct obligation of the U.S. Treasury, the participation certificates come close to that gilt-edged status because the Attorney General has ruled that they are backed by the full faith and credit...
...result was the greatest gold rush in history. Almost all of the demand fell upon the London gold pool, through which the central banks of the U.S., Britain, West Germany, Switzerland, Italy, Belgium and The Netherlands had for 6½years maintained the free-market price of bullion at its $35-per-oz. monetary level. Between Britain's Nov. 18 devaluation and March 15, when the London market was closed at the U.S.'s request, the buying stampede drained the pool of some $2.5 billion of gold - nearly 2½times the amount mined in California during...
...their decision to leave the official price intact while abandoning the gold pool, the seven nations pulled a 24-karat rug out from under the hoarders. As Zurich Banker Hans J. Baer put it: "The central banks are saying to the speculators: 'Take it to the dentist.' ! With the London gold market, the world's largest, closed until April 1, the demand for gold dropped abruptly last week in smaller markets elsewhere. In Zurich, gold bars that brought $43 per oz. at the start of the week sold for $39.25 by week's end. In Paris...
Though they sprang it on speculators as a surprise, central bankers had been quietly discussing the shutdown of the London gold pool and the move to the split-price system since British devaluation. Italy and Belgium, restive at the growing drain on their reserves, remained in the pool only at U.S. prodding. Timing the switch presented delicate problems. By waiting for repeal of a 1945 law requiring a 25% gold backing for the currency, the U.S. could muster another $10.4 billion of gold for the defense of the dollar abroad. By discomfitingly small margins, the measure squeaked through Congress just...