Word: westernness
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Dates: during 1960-1969
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Sitting with the Western world's chief central bankers as they weighed the gold crisis last week in Washington was a saturnine Frenchman who still bears the scars of his days as a Buchenwald prisoner. Though Pierre-Paul Schweft-zer, 55, spoke rarely, he got undivided attention when he did. As managing director of the 107-nation International Monetary Fund-which acts as an arbiter of exchange rates, guardian of fiscal good behavior among sovereign states, and rescue squad for countries in financial trouble-Schweitzer holds a pivotal role not only in the present struggle to shore...
France's Charles de Gaulle, who wants the Western world to return to the gold standard,* was playing only a slightly different tune from the Red band. He called the present international monetary system "inequitable" and "henceforth inapplicable." Its continuance, he maintained, would "condemn the free world to grave economic, social and political trials." De Gaulle's attitude was understandable. By committing themselves in Washington to the two-tier gold system, the five other members of the Common Market had handed France a remarkable rebuff. They not only flouted their partner's wishes, but did so without...
Almost every private and public authority of the Western countries agrees that to avoid a genuinely serious threat to the dollar, the U.S. must dramatically pare the inflationary deficit in both its domestic budget and balance of payments. Says General Director Max Ikle of the Swiss National Bank: "The welfare of the world depends on confidence in the dollar, and this now depends on American fiscal policies...
Because the U.S. balance of payments problem is crucial to the gold crisis and because U.S. tourists abroad spend $2 billion more a year than foreign visitors spend here, the Administration has urged a tax on travel outside the Western Hemisphere. The tourist-class wanderer this summer may find his trip to Europe costing an unexpected $100 in taxes. And if the gold crisis flares again, he may find that foreign hotels and banks will-as they did two weeks ago-refuse to accept his dollars or cash his traveler's checks until they feel more confident about...
...overly-optimistic estimates by mid-western colleges of the number of volunteers they could deliver to the McCarthy campaign...