Word: triffin
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Dates: during 1970-1979
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...Washington, thinks the rate may come down a point or so next year, but he is the board's optimist. Sprinkel believes inflation may actually worsen a little next year; the others see little or no change. And inflation will keep the dollar in trouble; Monetary Expert Robert Triffin thinks it may steady in the next six months, but plunge again...
...would end up with conservative fiscal and monetary policies that would severely limit economic growth. Another fear is that the ECU, once established, would invite speculators and governments from Togo to Turkey to dump dollars for the ECU currencies, thus bringing more downward pressure on the dollar. Economist Robert Triffin, a U.S. monetary expert who has long championed a European currency, believes that it would help rather than hurt the dollar's stability in the long run. The final form of the common European money system remains uncertain, but, said Federal Reserve Board Governor Henry Wallich, "something will emerge...
...trade deficits additionally are kicking up prices by depressing the dollar and making imports costlier. How to reduce that deficit? Cracked Eckstein: "We might do it if we could find a way to close the port of Yokohama for a few months." More to the point, Yale Professor Robert Triffin sees little chance of narrowing the trade gap until "the Administration and Congress make some significant sign that they are doing something about the basic problem of energy." Greenspan agrees, though he believes that the dollar's value will stabilize or rise on world markets because...
Like most moneymen abroad, Triffin argues that the U.S. should use foreign currencies to buy up many more dollars in world markets than it has done so far. The Treasury does not have enough foreign funds to do this, so Triffin urges an expansion of the old idea of currency swaps...
Europeans are so eager for America to defend the dollar, Triffin argues, that they would willingly make the additional loans. Indeed, he believes that in return for propping the dollar, America could extract a quid pro quo, notably persuading the reluctant West Germans and Japanese to expand their economies in order to enhance world recovery. "It is in the interest of all governments to intervene to lift the dollar," Triffin says persuasively. "The problem simply cannot be left to the tender mercies of the speculators...