Word: hoarding
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Dates: during 1960-1969
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Because foreign central banks have built up?and cashed in?tremendous stocks of dollars, Fort Knox's bullion hoard, which backs the value of the dollar, has plunged in the past seven years from $21 billion to $13.9 billion. Foreigners now hold $27.7 billion in dollars?almost twice the value of the U.S. gold supply?and they can demand gold for them at any time. Though it is highly unlikely that they would ever cash in enough to break Fort Knox or force the U.S. to devalue the dollar, the mere fact that they have the power...
...devaluation, many French men have developed a peasantlike distrust of stocks, bonds or paper money−and an earthy passion for material goods. These fears and desires are being profitably exploited by two French businessmen who are giving their country men something as good as gold (which Frenchmen still hoard to the extent of $5 billion) to sink their savings into. The entrepreneurs' basic idea: buy your own railroad...
...reducing ancient economic and ethnic frictions. One protocol provides South Korea with $800 million in Japanese loans, goods and private commercial credits. Another extends full educational, health and welfare benefits to the 570,000 Koreans living in Japan. The Sato government also agreed to return to Seoul a hoard of Korean national treasures (ranging from ceramics to calligraphy) that the Japanese had stolen during the occupation years. In the most controversial agreement of all, covering South Korea's rich offshore fishing grounds, Japan won the right to trawl outside a twelve-mile limit -it had previously been 60 miles...
...assassinated Dominican despot. Though at least one big Swiss bank had found Trujillo's millions too hot to handle, Munoz channeled the funds into two banks that he controlled, the Swiss Savings & Credit Bank of St. Gallen and the Geneva Commerce & Credit Bank. To invest the Trujillo hoard without attracting attention, Munoz set up obscure financial companies in such places as Liechtenstein and Panama, also opened or bought banks in Rome,' Beirut, Andorra and Luxembourg...
...year's excise-tax reductions and cracking down on abuses of tax-exempt foundations. The first man Wilson sought out in Washington, Fowler agreed with the Prime Minister on the urgent need for world monetary reform to expand the international supply of capital and protect the U.S. gold hoard, which last week dropped another $150 million to a 27-year low of $14.4 billion...