Removal of Gold Cover: Hearings, Ninetieth Congress, Second SessionU.S. Government Printing Office, 1968 - 322 pages |
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Common terms and phrases
$35 an ounce $35 per ounce abroad action American amount balance of payments balance-of-payments balance-of-payments deficit BARR BARRETT billion BLACKBURN BROCK buy gold central banks Chairman PATMAN CLAWSON committee confidence Congress continue convertibility costs DANIELIAN Department of Defense devaluation direct investment domestic economic Europe exchange rates expenditures exports Federal Reserve notes fiscal foreign exchange GALIFIANAKIS going gold cover gold reserve gold standard gold stock hold increase industries International Monetary Fund international monetary system legislation liquidity ment MIZE MOORHEAD outflow overseas payments deficit percent PIQUET POLK present President price of gold problem production proposed purchase question reduce REIERSON reserve currency reserve requirements REUSS ROBERTSON sales of gold Secretary sell gold short-term capital special drawing rights speculation statement surplus Thank tion trade transactions U.S. dollar U.S. gold U.S. Treasury United Kingdom Vietnam WHALEN WIDNALL
Popular passages
Page 204 - The par value of the currency of each member shall be expressed in terms of gold as a common denominator or in terms of the United States dollar of the weight and fineness in effect on July 1, 1944.
Page 255 - Mr. Chairman, I want to thank you and the committee for this opportunity to speak in support of the legislation to remove the 25-percent gold reserve requirement for Federal Reserve notes.
Page 10 - Agreement when supplementary resources are needed to forestall or cope with an impairment of the international monetary system in the aforesaid conditions.
Page 121 - IV, section 5, or article XX, section 4, of the Articles of Agreement of the Fund, or approve any general change in par values...
Page 225 - Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily * * *. Lenin was certainly right.
Page 118 - The Fund shall prescribe a margin above and below par value for transactions in gold by members, and no member shall buy gold at a price above par value plus the prescribed margin, or sell gold at a price below par value minus the prescribed margin.
Page 18 - Over the past three years, American business has cooperated with the government in a voluntary program to moderate the flow of US dollars into foreign investments. Business leaders who have participated so wholeheartedly deserve the appreciation of their country. But the savings now required in foreign investment outlays are clearly beyond the reach of any voluntary program. This is the unanimous view of all my economic and financial advisers and the Chairman of the Federal Reserve Board. To reduce...
Page 313 - The only check on the abuse of political predominance derived from such a position has always consisted in the opposition of an equally formidable rival, or of a combination of several countries forming leagues of defence.
Page 315 - Sea power is more potent than land power, because it is as pervading as the element in which it moves and has its being. Its formidable character makes itself felt the more directly that a maritime State is, in the literal sense of the word, the neighbour of every country accessible by sea.
Page 158 - The Section welcomes the submission of manuscripts for this series. While the Section sponsors the STUDIES, the writers are free to develop their topics as they will. Their ideas and treatment may or may not be shared by the editorial committee of the Section or the members of the Department.