Word: offing
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Dates: during 1960-1960
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How wise or necessary is the U.S. law that requires 25% of all Federal Reserve notes and deposits (85% of all currency in circulation) to be backed by gold? Last week one of the most prominent voices in the financial world declared that the 15-year-old reserve requirement, long...
Recognizing that the world is waiting to see what the U.S.'s next move will be Alexander added that any change "probably should wait until our balance of payments position shows more clearly the results of our buckling down to the basic Problems. In that favorable setting, repeal the...
''Gold is still the stern voice of monetary discipline," said Alexander, but its chief function is no-longer to redeem domestic currency (which has not been redeemable in gold for 27 years) but to back the dollar in international settlements. Requiring a notes and reserve of 25% in...
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Influential Backers. Alexander got a quick answer from the Wall Street Journal which snorted that "we hardly think that changing the rules would be a step in the improvement of our monetary framework." But most Washington economists wholeheartedly backed the change, were concerned only with the psychological effects it might...