Word: hoarding
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Dates: during 1960-1969
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After last November's devaluation of the British pound, persistent fears of a much greater upheaval began gnawing at the foundation of world finance. The resulting rush to exchange dollars for gold drained well over $1 billion from the dwindling U.S. hoard of bullion, cost the seven-nation London gold pool close to $2 billion. Like Britain, the U.S. has been living extravagantly be yond its budget, partly because of the heavy cost of the Viet Nam war but also through increased spending at home. Speculators' appetite for gold is only the most dramatic symptom of a monetary...
...announcement of those figures with his stern prescription for lopping $3 billion off the deficit in 1968, the President managed to minimize the consequences. Despite the Treasury's subsequent disclosure that the U.S. lost nearly $1 billion of gold during November and December, one-twelfth of its dwindling hoard, the dollar rose strongly on the exchange markets of London, Paris and Frankfurt last week...
...stock of gold seemed inexhaustible. Now the position is not that comfortable. After a decade of continuous balance of payments deficits, foreigners today hold some $27 billion worth of dollars, more than twice the $13 billion of gold in U.S. hands. Technically, $10 billion of that hoard is frozen as legal backing for the nation's outstanding currency. It is nonetheless available to meet foreign demand because the Federal Reserve can suspend the statutory requirement that U.S. currency be 25% backed by gold. Last week's flurry in gold, as well as the other aspects of British devaluation...
Died. Floyd G. Hoard, 40, solicitor general of northeast Georgia's Piedmont Circuit, a gang-busting state prosecutor elected in 1964 who personally led police on innumerable raids against gambling racketeers, auto thieves and bootleggers, all of whom flourish in his rural district; of injuries from at least six sticks of dynamite wired to his car's ignition; in Jefferson...
Many other investors regard mortgages as a last-choice outlet for money. Pension funds, the nation's fastest-growing pool of savings, have put a mere 8% of their $100 billion hoard into mortgages. Because of monthly collections and bookkeeping, lack of standardization and archaic foreclosure laws in many states, mortgages are clumsy and costly to handle. Restrictions on interest rates (6% maximum in ten states, 7% in six) divert funds elsewhere. Only Government-backed mortgages, less than a fifth of the total, can be readily traded among investors. The 6% interest ceiling on FHA and VA loans, handiwork...