Word: triffin
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...companies are generally pushing ahead with investment programs. Yet Greenspan feared that any dramatic new shock to the economy, such as an unexpected bankruptcy of a major European bank, triggered by a Polish default on its loans, could easily lead to widespread cancellations of business spending plans. But Robert Triffin, an international monetary expert, doubted that if Poland renounced its foreign debts, such action would lead to a collapse in banking around the world...
With few exceptions, economists reject proposals for returning the world's money system to gold. Yale's Robert Triffin, for example, says that it is "an absurd waste of human resources to dig gold in distant corners of the earth for the sole purpose of transporting it and reburying it immediately afterward in other deep holes." Yet gold's hold on the general public remains. As Janos Fekete, the deputy head of the National Bank of Hungary, once explained at a conference of monetary experts: "There are about 300 economists who are against gold - and they might...
...ROBERT TRIFFIN: "Controlling the money supply is the best way to fight a recession," says this international money expert. "Certainly, initially, if we are to brake inflation, there will be some difficult periods to go through. The sooner, the faster we do it, the less gradual approach we adopt, the better chance we have to succeed, to turn the corner. I am very encouraged that part of Volcker's approach is an attempt to deal also with the problems posed by the Eurocurrency market. He emphasized more than before the rate of money supply growth on this market, rather...
Though some compute the value of their hoards at less than market prices, any rise in those prices does lift the amount of a nation's reserves. Says Economist Robert Triffin, an international monetary expert: "Central banks now hold on their books assets that are ten times as valuable as they were in 1969. They can theoretically use these assets." In effect, wealth can be created out of nothing: the gold can either be sold to cover trade deficits or borrowed against...
Yale Professor Robert Triffin warns, however, that many foreign holders of dollars, like holders of stocks that have been going down sharply, are ready to sell any time they can get a slightly better price. Says he: "They don't want to sell at the bottom, but each time the dollar moves up a little bit there are lots of people who are just waiting to unload"-and such selling will keep any dollar rebound from going very...