Word: traded
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Dates: during 1960-1969
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...hard to believe, but there it was. Just as surprising, the name day was, of all things, part of an international fashion show. Though their hemlines and politics may not always coincide, West Germany and Russia now agree that the best way to improve relations is to improve trade, and lately both countries have been promoting the proposition with a vengeance. Berlin's honored place at last week's 27-nation International Fashion' Festival in Moscow marked a high point in the new spirit of cooperation...
...hopes to triple the volume of Berlin-Soviet trade this year, and Moscow's festival is sure to help. But though Berlin's fashion industry has made the biggest eastward strides, the city's Siemens and Telefunken electronics plants, its razor-blade factories and other industries are also sending salesmen behind the Iron Curtain. Last month East Germany ordered 1,500 railroad cars and $12.5 million worth of cable from West Berlin; the city in turn bought milk from nearby East German state farms, despite vehement objections from West Germany's powerful farmers' union...
Without sufficient new gold, U.S. dollars and British pounds have been relied on as the world's two most trustworthy currencies for trade. This, in turn, has led to undue pressure on dollars and pounds, which if allowed to continue, could stagnate foreign trade. So far, at least, international trade continues to thrive, and has actually doubled in the past ten years. But the worrisome fact remains that during this same period, world reserves have grown by barely...
...Britain and the U.S., whose currencies and balance of payments have borne the brunt of the increased world trade, the de-emphasis of gold and hard currency should bring some relief. The London agreement still awaits approval, however, by the 106 nations of the International Monetary Fund, which meets later this month in Rio de Janeiro. At that time, the plan will be spelled out in further detail. Remaining to be decided, for instance, is the amount of special drawing rights to be created. Best estimate is between $1 billion and $2 billion for a start. Though small in amount...
...Cuban brink, both sides found that a political and military equilibrium had been reestablished. "A geographical status quo that had seemed too abnormal for endurance had endured so long, at last, as to begin to seem normal." Eastern Europe was working itself free of Moscow's grasp; trade between the Europes was eroding the Iron Curtain; ideology on either side was losing its relevance. "As with the conflict between Christendom and Islam centuries earlier," concludes Halle, "the slow churning forces of secular change were transforming the conditions on which the cold war had been based. The cold war constituted...