Word: south
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Dates: during 1960-1969
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Secret Meeting. Since the Europeans had made the victory possible by agreeing not to buy South African gold in the first place, the U.S. could hardly refuse their request to ease the boycott. For its part, South Africa was ready to sue for peace. Its 1969 trade deficit reached an estimated $700 million by October, largely because of imports of machinery needed to modernize its economy. Unless the South African government could sell more gold at a good price, it would have to either 1) pursue risky policies of austerity and deflation during an election year, or 2) restrict imports...
...secret meeting last week in Rome, South African Finance Minister Nicolaas Diedrichs and Paul Volcker, U.S. Treasury Under Secretary, framed a compromise. It would permit South Africa to sell a certain amount of new gold to the International Monetary Fund whenever the country's balance of payments was in deficit and the free price sank to $35 or less. The I.M.F. would pay the official price of $35 and could then resell the metal to central banks. The deal would provide a floor under the gold price, and something of a ceiling as well. Since the I.M.F. would...
Stiff Price. The deal brought an angry response from Congressman Henry Reuss, chairman of the Joint Congressional Subcommittee on International Exchange and Payments. He said that the U.S. "would pay a stiff price for any compromise with South Africa." A floor under the private price of gold, he argued, would encourage speculation by taking the risk out of it, and would possibly tempt foreign bankers to demand conversion of their dollar reserves into gold...
After the war in Viet Nam finally ends, what will be done to bind up the wounds and lift the impoverished economy of the whole region? Remarkably, much has already been accomplished. Leaders of four of the nations that share the Indo-Chinese peninsula-Thailand, Cambodia, Laos and South Viet Nam-have buried deep political antagonisms and have been swept up in what they call the spirit of the Mekong. They envision a vast project to harness the Mekong River for power, irrigation and flood control; that could enable the region to grow enough food to feed much of Asia...
...more serious problem is financing. President Nixon has given the Mekong project less support than Lyndon Johnson did. Washington has shortsightedly refused South Viet Nam's request that the U.S. contribute one-fourth of the money to build a $22 million bridge across the Mekong in the southern delta. U.S. officials contend that security problems and the cost of Vietnamizing the war make bridge-building unrealistic now. They deny any change in policy, saying that Nixon is simply waiting...