Word: downwards
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...words, were warned that they could not direct-quote the President. But there was the stark fact: the President was embargoing the export of gold. It meant that the dollar, no longer convertible into gold, would have to shift for itself in foreign exchange and seek its own level downward. Was this a sudden decision by the President? No, he had planned the embargo order four days before. What was his primary purpose? To raise domestic commodity prices and halt the grueling pressure of deflation. If the dollar depreciated 10% in the world market, cotton, for example, should automatically appreciate...
...against the tremendous increase in the cost of maintaining educational institutions has resulted in a reduction and sometimes non-payment of teachers' salaries throughout the country. Under these circumstances, if every public agency and nearly every private agency has found it necessary to curtail educational costs through salary revisions downward, there is no method of logic by which one can justify immunity for even professors at Harvard University, sacred as is that institution...
...preponderant effect of the Roosevelt program to date has been drastically deflationary. Four billion dollars was tied up in closed banks. Public savings curtailed private spendings. Even the psychological advantage of a balanced budget failed to offset this downward trend. Last week, however, the President's larger program became more clear. The budget was to be balanced so that the Government could borrow fresh billions and thereby prime the pump of U. S. business! Credit inflation on a colossal scale loomed ahead. Only if it failed to produce results would the White House lend an ear to the moonlit...
Important though Agriculture is, it alone does not control U. S. economy. If deflation continues through 1933 and the general trend of all prices is downward, Secretary Wallace will be unable to buck the economic tide and the Roosevelt plan will go down as a failure along with the Hoover Farm Board. If all prices start to rise on a broad front, Secretary Wallace will be able to accelerate the advance of farm values, get credit for a shining success. The major factors which will decide the economic fate of the farmer, according to Pundit Walter Lippmann, are "the monetary...
Again the storm dashed the great ship downward, and this time clawed away a section of her belly fabric and part of her rudder. Again ballast was dumped; but the ship did not rise. Down, down she went-CRASH-upon the surface of the writhing sea. For a brief moment the 110-ton hulk floated while its buoyant helium hissed away into the gale. Then the pounding waves wrenched it to bits. Here and there, by the occasional brilliance of the lightning flashes, a witness could have discerned men of the Akron flailing about in the water...