Word: stanching
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Still, there are actions that would stanch the dollar drain and would be desirable on other grounds as well. An end to the Viet Nam War is the most obvious. Domestically, the Nixon Administration could try to fight inflation by issuing guidelines for acceptable pay and price increases. Europe's moneymen have urged the U.S. to adopt such an "incomes policy," and have lost faith in the dollar partly because of Washington's failure to heed their advice. The Government could also stimulate recovery from recession by cutting taxes rather than relying as heavily as it now does...
Discount for Delay. Fearing a serious balance of payments crisis, the Bank of Italy then acted to stanch the flow of lire. In a stunningly simple move, the bank decreed that lire from abroad would henceforth be converted to other currencies only at the bank's headquarters in Rome. It also made it clear that clerks would take their time handling the transactions. Swiss banks immediately passed on the cost of delay by accepting lira deposits only at discounts...
...deposit withdrawals. Provided Congress agrees-a big if-the subsidy plan could mean a $4.5 billion increase in S and L mortgage lending over several years, because each $1 of subsidy would generate as much as $10 or $15 in loans to home buyers. In a companion move to stanch the deposit drain, the Government raised the minimum denomination of Treasury bills from $1,000 to $10,000. Depositors have been shifting their savings from S and Ls and banks into the higher-yielding Treasury securities...
...crisis. Convinced that a new socialist government would raise the value of the mark, speculators clamored to buy German money. In just 90 minutes of trading on the morning after the election, $250 million poured into the Bundesbank from abroad. The outgoing Kiesinger government was in no position to stanch the flow by making the mark more expensive; that is the sort of basic decision traditionally left to the new government. Instead, the Bundesbank freed the mark to be traded at just about any price that buyers were willing to pay. The IMF cooperated by ignoring the rule that governments...
...defend the franc in lieu of devaluation. He could apply many of the same remedies that British Chancellor of the Exchequer Roy Jenkins had imposed last week on Britain. He could reduce government spending still further, raise taxes and institute currency and trade controls in an attempt to stanch the outflow of francs...