Berlin Helps the Dollar Hans

A prominent economist makes dour predictions about the effect on American gold reserves of a stabilizing political situation in Berlin

At its recent meeting in Vienna the world’s biggest money pool, the International Monetary Fund, sought to expand its lending powers. The Fund’s 73-nation board of governors aimed to bolster its $15 billion resources by standby credit arrangements for another $5 billion to $6 billion. About half of this amount was sought from the Common Market countries, especially West Germany, France and Italy; the rest was promised by the United States, Great Britain, and a few others. While the most interesting debates and discussions mainly dealt with the questions of payment, ability and financial responsibility toward each other, very little unfortunately was said about the international setting that not only affects but even determines the world monetary situation.

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Hans F. Sennholz

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A prominent economist makes dour predictions about the effect on American gold reserves of a stabilizing political situation in Berlin

At its recent meeting in Vienna the world’s biggest money pool, the International Monetary Fund, sought to expand its lending powers. The Fund’s 73-nation board of governors aimed to bolster its $15 billion resources by standby credit arrangements for another $5 billion to $6 billion. About half of this amount was sought from the Common Market countries, especially West Germany, France and Italy; the rest was promised by the United States, Great Britain, and a few others. While the most interesting debates and discussions mainly dealt with the questions of payment, ability and financial responsibility toward each other, very little unfortunately was said about the international setting that not only affects but even determines the world monetary situation.