Word: gold
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Dates: during 1950-1959
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...running into the red in its international transactions, with the result that U.S. gold reserves are shrinking as gold flows overseas to balance the nation's accounts. If the gold outflow continues for even a few years, it could endanger the value of the dollar, with shaking results for the entire world...
...more than it imported. Result: even with U.S. tourists spending millions abroad, U.S. troops stationed around the world, U.S. Marshall Plan dollars pouring into Western Europe to rebuild shattered economies, and Point Four aid flowing to underdeveloped countries, the U.S. ran up a surplus in its overall international accounts. Gold trickled into the U.S. Treasury from abroad...
...Japan, their economies rebuilt with U.S. help, were briskly competing with the U.S. in foreign markets, even in the U.S. home market. By last year the U.S.'s international transactions were drastically out of balance: the U.S. ran $3.4 billion in the red in its overall international payments. Gold flowed overseas so briskly that the U.S. gold reserve shrank by $2.3 billion, a thumping...
...already brought dramatic results. At the late September meeting of the World Bank-IMF, Sweden's Per Jacobsson, managing director of IMF, agreed with Anderson that the "new situation' called for a "fresh examination" of international economic policies. The IMF executive board urged member nations with adequate gold and dollar reserves to end discrimination against U.S. goods "with all feasible speed." A few days later, the meeting of the 37-nation General Agreement on Tariffs and Trade in Tokyo echoed the same theme. Fortnight ago. Britain, France and Japan all set about complying with the spirit...
...fighting for sound money at home, he can encourage freer world trade by keeping the world's reserve currency, the U.S. dollar, dependably stable. By persuading Western Europe to assume a fair share of the foreign-aid burden, he can help to slow the outflow of U.S. gold reserves and thus help to keep the dollar sound...