Word: schmidts
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Dates: during 1970-1979
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...plan is designed to shelter Community countries against fluctuations of the dollar, as well as other currencies, and thus also help stabilize the dollar itself. Schmidt's proposal features two devices: 1) a so-called boa of currencies, which would have more leeway than the old snake to let weaker currencies, such as Britain's pound and Italy's lira, initially move up and down within a broader margin than the stronger currencies; and 2) a kind of "mini-IMF" of pooled reserves from which the members could automatically draw funds to support their currencies and deter...
...four small countries called a separate caucus to sulk over what they regarded as West German and French highhandedness. British Prime Minister James Callaghan, who is reluctant to inhibit the pound in any case, argued that the scheme could be construed by Washington as a move against the dollar. Schmidt proved to be one step ahead of his critics. In a series of telephone calls to Carter, he apparently succeeded in getting Washington's blessing for the monetary idea. Said a ranking German finance ministry official: "We can't see why the British should be worried about...
White House approval of Schmidt's boa is not necessarily a harbinger of sweetness and light at Bonn. The personal relationship between Schmidt and Carter has been poor and has only recently begun to improve, and the West German offer to increase growth if the U.S. moves to solve its deficit problems will probably not be enough to satisfy Washington. The President, though, will have an unexpected new argument to present to the Chancellor. The biggest source of the U.S. trade deficit is not oil but industrial imports from West Germany and Japan (see chart). Department of Commerce figures...
...goods from Germany and Japan puts a moral burden on those countries to stimulate growth at home. West Germany will not be easily sold by that argument and will contend that the U.S. import trend is only recent and largely technical. "It won't wash," scoffed a top Schmidt aide. "For both economic and psychological reasons, Washington must tighten the U.S. belt on energy." In the end, politics may help save the day. As host and European spokesman, Schmidt will be personally anxious to avoid a failure. And as a state visitor in West Germany for two days preceding...
...Brennan and Marshall are trying to find a way to protect practical needs of the press in specific circumstances. But other Justices tend to rely on their own intuitive judgments about whether a given ruling will "chill" press freedom. "In the Stanford Daily case," notes Columbia Law Professor Benno Schmidt, "Justice White [who wrote the majority opinion] just doesn't believe that sources will dry up." Notes Gunther: "There is a great deal of misunderstanding and suspicion between press and court. Both sides are at fault...