Word: terme
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Dates: during 1950-1959
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...heavy bidding was welcome news to the Treasury, which had been forced to do most of its borrowing in the very-short-term (less than a year) market because of Congress' stubborn refusal in the last session to remove the 4¼% ceiling on long-term (over five years) bonds. Since June, the Government has financed nearly $16 billion in the short-term market, ballooned interest rates, dried up much of the normally available money supply. The rush for the new issue proved that Treasury Secretary Robert Anderson was on the right track when he asked for removal...
...policy that Anderson wants changed promptly is the discrimination by European nations against dollar imports. Such restrictions may have been necessary in the early postwar years, when these countries had a shortage of dollars. But now, said Anderson, prosperous European nations with big stocks of gold and short-term dollar assets (see chart) no longer "have any balance-of-payments justification for discriminatory restrictions." Unless Europe cooperates by eliminating such restrictions, Anderson hinted, the U.S. may have to take action-perhaps a cut in foreign aid-to correct the balance...
Economists still believe firmly in gold's prime importance as the ultimate financial standard. They consider it psychologically vital to fiscal confidence, useful as a long-term guarantee that countries can meet their bills. But they have long since ceased to regard it as the sole test of a currency's stability. More important in today's world is the health of a nation's economy, the real rise in its national income, the strength of its built-in fiscal controls. Most nations now have learned the heavy price of unsound financial and fiscal policies; they...
...Conservatives, who won a five-year term are generally closer to the foreign policy of the United States than are the Laborites. Labor is Britain's Socialist party...
LONDON, Oct. 9--The Conservatives, led by Prime Minister Harold Macmillan, scored a great victory in today's election, winning an unprecedented third term of office. The Labor party was routed...