Abstract

A Standard Better Than Gold
Smith, Desmond | April 26, 1965 issue

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At stake is the U.S. balance of payments. For seven years this has been in deficit, on an average, $3 billion a year. The U.S. has been meeting its IOUs by paying with dollars backed by the world's biggest hoard of gold. In principle, the U.S. stands ready at any time to give a creditor nation goad in return for its dollars. In practice, it is the Custom of the U.S. Treasury to settle with dollars. Dollars as good as gold, as U.S. President Lyndon B. Johnson recently described them. But the international bankers have been taking another look at the Fort Knox gold hoard they have not liked what they have seen.

See Also:

PRESIDENTS -- United States; FINANCE -- United States; JOHNSON, Lyndon B. (Lyndon Baines), 1908-1973; FOREIGN exchange; BALANCE of trade; UNITED States
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