Removal of Gold Cover: Hearings Before ... , 90-2 on H.R. 14743 ... , January 23, 25, 30 and 31; February 1, 19681968 - 322 pages |
Common terms and phrases
$35 an ounce $35 per ounce abroad action American amount assets balance of payments balance-of-payments balance-of-payments deficit BARR BARRETT billion 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 foreign exchange free gold going gold cover gold reserve gold standard gold stock hold important increase industries International Monetary Fund international monetary system legislation liquidity maintain ment MOORHEAD outflow overseas payments deficit percent PIQUET POLK present President price of gold problem production proposed purchase question reduce reserve currency reserve requirements REUSS ROBERTSON sales of gold Secretary sell gold special drawing rights speculation statement supply surplus Thank tion trade transactions U.S. dollar U.S. gold U.S. Government U.S. Treasury United Kingdom Vietnam WHALEN WIDNALL
Popular passages
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 200 - 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 251 - 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 117 - 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 114 - 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 221 - Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of Society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.
Page 18 - To reduce our balance of payments deficit by at least $1 billion in 1968 from the estimated 1967 level, I am invoking my authority under the Banking Laws to establish, a mandatory program that will restrain direct investment abroad.
Page 309 - 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 311 - 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 116 - Source: US Department of Commerce, Office of Business Economics, Survey of Current Business, November, 1956, p.