Word: smithsonian
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...coincidence, while the money deal was being made at the Smithsonian Institution in Washington, another conference was held at the Brookings Institution, half a mile away. There a group of twelve top economists -including Britain's Sir Alec Cairncross, Japan's Saburo Okita, and the U.S.'s Richard Cooper and C. Fred Bergsten-drafted a plan for a world monetary system that would accomplish precisely the goal that the Group of Ten rich nations agree is necessary but have done little to achieve. Central to the proposal is the creation of more IMF-managed reserves to replace...
...Pompidou, long a critic of U.S. monetary policies, who argued for devaluation and an end to the 10% import surtax imposed by Nixon in August. Nixon was ready to agree. Then, at week's end, he stepped beneath the Wright brothers' 1903 biplane in Washington's Smithsonian Institution. Near by, the finance ministers of the world's ten greatest Western industrial powers had been meeting for two days to complete the latest round of negotiations begun after the U.S. set the dollar free from a fixed gold price last summer. Nixon proclaimed, with considerable overstatement...
...official price of gold-meaning that instead of refusing to sell gold for $35 an ounce, the Treasury will simply refuse to sell the metal for $38 an ounce. According to the agreement reached by finance ministers of the Group of Ten rich industrial nations, meeting in the Smithsonian Institution's old red castle in Washington, the dollar will be devalued by 8.6% relative to the price of gold. As a result, Americans will have to pay at least 8.6% more for foreign goods, foreign travel and foreign investments. But that is only one of several ways to measure...
...still end up 7.6% higher than the dollar. In return, Treasury Secretary John Connally said that the U.S. this week will probably remove Nixon's 10% surcharge on imports and abandon the "Buy American" rules in the new investment tax credit for businessmen. All in all, the Smithsonian agreement demanded some sacrifices of and produced some gains for each major nation. The compromise should lead to a more flexible and above all more sensible world of money...
...February about 200 astrophysicists and staff personnel from Harvard and the Smithsonian Institution will start moving out of leased North Cambridge offices into the Richard S. Perkin Laboratory...