Word: gold
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Dates: during 1970-1979
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...Council considered no other reforms or alternative foreign studies programs, nor did it inform CUE student members that their lengthy committee debates were pointless. Steven C. Gold '81, a CUE student member says, "What annoys me is the way we found out about it--entirely hearsay. No one bothered to tell us." James Henderson '80, another CUE student member, says the Council vote took CUE by surprise. He says they were led to believe the Council would support their effort to make the existing study abroad plan more flexible. But Henderson says he realizes now the Council "has pulled...
...Johns Hopkins School of Advanced International Studies and another from the London School of Economics. It was at Johns Hopkins in 1971 that Blaylock first encountered Volcker, then Treasury Under Secretary for Monetary Affairs. Volcker had been asked to address the students on the future of the dollar and gold in the international monetary system. Blaylock recalls that the Under Secretary, "with a comforting tone of confidence in his voice, said that the dollar looked promising, but gold, well, that one was nearing extinction." Thus, says Blaylock, "even this nation's newest commander of monetary policy...
...Galbraith regaled his students with an unsentimental view of human fallibility, reminding them that man's greed and short memory make monetary history eminently repeatable." Such lessons, notes Ungeheuer, "blessed us with that indispensable tool of economic journalism: magnificent hindsight." Last year, however, when reporting on the coming gold rush for TIME, Ungeheuer demonstrated the much rarer gift of economic foresight, predicting in January 1978 that gold would break the $200-an-ounce barrier later that year. Alas, says Ungeheuer, "I failed to back this premonition with any of my own money. I guess that...
...much touted "dollar rescue package" of last November; it was slapped together as a sort of desperation move to prop up the dollar after foreign bankers last autumn looked at the guidelines scheme, judged it weak and began frantically dumping greenbacks and buying West German marks, Swiss francs and gold. Initially, the November rescue package did stabilize money markets, largely because the Federal Reserve began massively intervening in currency markets to buy dollars and support their value. But inflation kept rampaging domestically, and eventually the dollar began to crumble all over again...
...really was a beautiful day. Maybe Pappy summed it up best, when he said "today was one of those days when everything you do turns to gold...