Word: triffin
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Dates: during 1960-1969
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...TRIFFIN: They did work in Holland-spectacularly...
Plans to concoct a new money to supplement gold the dollar have been put forward by economists from Britain's Prime Minister Harold Wilson to the U.S.'s Robert Triffin. They call for some or most of the world's nations to create and regulate an international money that would be handled only by governments, not people. The first tentative steps toward that were taken at last fall's meeting of the 107-member International Monetary Fund. The IMF voted to create an Ersatzgold called "special drawing rights." There is one big hangup: these "S.D.R.s" will...
...institution, the B.I.S. helps knit such personal ties. In addition to the work sessions last week, there were teas, cocktail parties, receptions and dinners for delegates and their wives-and the traditional gourmet stag lunch at Basel's venerable Schützenhaus restaurant. "The B.I.S.," says Economist Robert Triffin, Yale's famed international monetary expert, "is partly a country club and partly a church-to maintain the dogma of central-bank independence from governments...
...basically favors reforming the monetary system by increasing the amount that each industrial nation would contribute to the IMF and broadening the IMF's lending powers, thus insuring an increased supply of money and credit. It has been against many of the details of both the Triffin plan and the French cru because both would completely displace the dollar in international trade, but it is now coming around to the idea of an international currency. Fowler insists that any new currency must supplement?and not supplant?the dollar and the pound. The dollar must maintain its position as the world...
...oldest and perhaps most radical plan for reform, first suggested by Britain's Lord Keynes, is to turn the IMF into a supercharged world central bank with powers to create its own money. Yale Economist Robert Triffin revived and modernized this idea in 1959, and it has been embraced-in one form or another-by such experts as Prime Minister Wilson, former British Exchequer Chancellor Reginald Maudling, Greece's Central Bank Chief Xenophon Zolotas and Bank of Italy Governor Guido Carli. Wilson's version of the plan would work this way: 1) the IMF would create certificates...