Word: hoarding
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Dates: during 1940-1949
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...Federal Reserve Board took a searching look last week at prospects for postwar trade, found them bright. The chief reason: foreign nations (governments and central banks) have piled up an immense hoard of $17 billion in gold and U.S. dollar credits, a lush increase of $7 billion in the last three years. More important, much of this is held by onetime gold-poor nations, notably in Latin America. Typical example: Brazil, which owned a mere $50 million in gold in December 1940, now has $295,000,000 put away...
This foreign hoard has piled up for several reasons: while the U.S. has been Lend-Leasing goods and weapons to some nations, it has had to plunk out cash to import huge quantities of raw materials and stockpile supplies in foreign countries. Another drain on the U.S. is to the 6,000,000 U.S. servicemen abroad. Although the U.S. is now exporting $14 billion in goods a year, the Board pointed out that only some 50% of this is for cash. The rest is Lend-Lease. In fact, excluding Lend-Lease operations, the U.S. has had an "unfavorable" balance...
Furthermore, if U.S. exports once again become greater than imports, the foreign gold and dollar hoard will prove a temporary buffer against the artificial exchange controls which helped strangle foreign trade before the war. Said the Reserve Board: "Foreign countries will be able to meet larger deficits in their international transactions with the U.S., should such deficits occur, without resorting to currency depreciation, exchange control or drastic measures of internal deflation...
...that the Battle of France found them making heavy use of bicycles and horses. But the target switch gave German air production a chance to stage a slow, steady comeback. Allied experts now place it at well over 1,000 planes a month, but the Nazis still hoard their fighter strength...
...First Army had felt that pinch, which the Germans cleverly aggravated by hanging on to France's best ports until the bitter end. For weeks the First's artillery had had to hoard its shells. For one three-day period, General Hodges' headquarters mess had had no food but captured German rations...