Word: reformations
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Dates: during 1960-1969
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...deficiencies of the monetary system have raised the loudest cries for reform since the system was set up in 1944. British Prime Minister Harold Wilson, whose financial policies are in large part being dictated by international bankers, has bitterly condemned "the archaic limitations of our international monetary machinery." Former U.S. Treasury Secretary Douglas Dillon felt so strongly about the matter that in his farewell statement two weeks ago he said: "The greatest financial challenge is to work out changes in the international monetary system." French Economist Jacques Rueff, who influenced Charles de Gaulle's call for a return...
...oldest and perhaps most radical plan for reform, first suggested by Britain's Lord Keynes, is to turn the IMF into a supercharged world central bank with powers to create its own money. Yale Economist Robert Triffin revived and modernized this idea in 1959, and it has been embraced-in one form or another-by such experts as Prime Minister Wilson, former British Exchequer Chancellor Reginald Maudling, Greece's Central Bank Chief Xenophon Zolotas and Bank of Italy Governor Guido Carli. Wilson's version of the plan would work this way: 1) the IMF would create certificates...
...experts almost unanimously agree that the world should no longer depend on U.S. deficits for most of its new reserves. Now that the U.S. is narrowing its payments deficit and strengthening the dollar, it is in a stronger position to negotiate. Last week Treasury Secretary Henry H. Fowler called reform of the money system "the major task" of the world's financial ministers in the months and years ahead. He assured everyone that he approaches that task "with an open mind and a willingness to study all practical proposals...
Easier to Borrow. The U.S. would rather reform the monetary system by expanding the lending powers of the IMF. One of Washington's pet ideas is to vastly increase the IMF's lendable funds and make it easier for countries to borrow those funds to settle international debts. The IMF is in the midst of increasing its reserves from $15.8 billion to $21 billion; last week the Senate Banking Committee voted to boost the U.S.'s contribution to the IMF from $4.1 billion to $5.2 billion. The snag is that France has refused to raise its contributions...
...most conservative idea for reform is that of Europe's most influential central banker, Bundesbank President Karl Blessing, who is less interested in expanding the supply of reserves than in heading off inflation. He would keep the current monetary system largely intact but limit the amount of dollars and sterling that countries can hold in their reserves. He calls for a ratio of one-third currency, two-thirds gold. Blessing is basically endorsing an idea conceived by Suardus Posthuma, former managing director of The Netherlands' central bank-but Posthuma proposes a 60-40 ratio in favor of gold...