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Griffin Daily News
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‘World Money 7 Is Near Reality
(EDITOR’S NOTE: After
years of debate, the nations of
the free world have finally
agreed to create a new kind of
world money, which is needed
to permit an expansion of world
trade. Representatives of 106
nations will put the finishing
touches on the new money
scheme next week in Rio De
Janeiro, Brazil. A UPI financial
specialist who will attend the
historic meeting explains what
it’s all about. Following is the
first of a three-part series on
the complicated subject.
By JOHN FIERSON
WASHINGTON (UPD—
Representatives of 106 nations
gather in Rio De Janeiro, Brazil
this weekend to try to make the
world more prosperous.
This year’s joint meeting of
the International Monetary
Fund (IMF) and World Bank is
likely to go down in history as
the one where men finally put
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Wednesday, Sept 20, 1967
28
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Houston Manned Spacecraft Center and Cape Kennedy in Florida, dozens of universities and private industrial firms are
combining their scientific knowledge and engineering skills to further man's quest in space. Location of prime contrac
tors, university contracts and NASA facilities are shown on the Fortune magazine map above.
their heads together and
agreed to create a new kind of
world money that will help gold
and dollars finance trade among
nations.
President Johnson has called
the proposed monetary plan
“the greatest forward step in
world financial cooperation’’
since the IMF itself was
created following the depression
and World War 11.
The rich nations of the West,
the so-called “group of ten,”
have already approved the plan
last month in London. Approval
in Rio by the 106 governors of
the IMF is a foregone
conclusion, particularly since
the ten have a majority of the
IMF’s voting power.
The ten are Belgium, Britain,
Canada, France, Germany,
Italy, Japan, the Netherlands,
Sweden and the United States.
Will Provide Clues
Nevertheless, the week-long
meeting at Rio’s new Museum
of Modern Art will provide
Important clues to how soon the
Europeans are going to agree to
start cranking the money
machine and under what
conditions. The common mark
et, France, Germany, Italy,
Belgium, The Netherlands and
Luxembourg, went along with
the United States and the rest
of the ten at London, but only
after winning veto power.
The “six” now have the
power to say “no,” even if the
United States and all the rest of
the world want to start
producing the new money.
France practically had to be
dragged to the signing table,
and some of her Common
Market partners remain skepti
cal about how urgently the new
money is needed. They also fear
that too much of it may come
into being, causing inflation.
So the important question
will the world have enough
money in the years ahead to
finance an expansion of its
trade?—has by no means been
finally resolved.
Crucial Question
There is another crucial
unanswered question, which will
occupy the delegates at Rio. Is
the rich one-third of mankind
going to increase its aid to the
two thirds who still live in
poverty?
The World Bank’s affiliate,
the International Development
Association, is broke. And IDA
is the organization that lends
money on very easy terms to
the poorest countries, those that
commercial or even the World
Bank’s semi-commercial inter
est rates and maturity sche
dules.
The bank’s president, George
D. Woods, has suggested that
the rich nations give IDA $1
billion a year for three years,
four times their present contri
bution. The United States has
suggested a slightly smaller
sum and has agreed to
contribute its share, but only if
there can be safeguards to keep
the aid dollars from coming
home as claims on the
dwindling U. S. gold stock.
The United States has offered
to kick in some of its
contribution without strings, but
wants the remainder to depend
on U.S. firms getting a “fair”
share of the contracts let for
IDA projects.
Feel Less Generous
Some of the other rich
countries feel less generous
than the United States. And
Britain opposes the U. S. plan
to protect its gold stock, since
this could cost the British
millions of dollars in overseas
sales.
Eventually IDA will get more
money. But whether it will be
enough to make a dent in world
poverty remains to be seen.
IDA is a relatively recent
addition to the world communi
ty. It came into existence in
1960. The World Bank, whose
formal name is the Internation
al Bank for Reconstruction and
Development, and the IMF
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ORIENTAL LOVELY is 23-
year-old Chikako Toyama
selected in Japan to com
pete in the Miss World
Contest. I
Quirks
By United Press International
NO NEIGHBOR
EAST LANSING, Mich. (UPI)
—Police said a cat burglar
made off with a television set
because one woman believes in
minding her own business. She
saw the theft but didn’t report
it.
“She said she didn’t call us
because she didn’t want to be
known as a nosey neighbor,”
police said.
HOOFER
DETROIT (UPl)—One of
Detroit’s newest policewomen is
a former go-go dancer. Mrs.
Linda Gratopp, 23, said she left
the stage for the street at the
persuasion of her policeman
husband.
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were founded at the historic
economic conference at Bretton
Woods, N. H., in 1944.
The bank’s first loans were to
help Europe rebuild after the
war. But gradually, the bank
turned its attention to its poorer
member countries. To date, it
has loaned more than $10.4
billion to finance economic
development projects in over 80
lands.
The bank’s 106 members have
suscribed $22.9 billion of
capital, although only $2.3
billion has been paid-in. The
bank also raises money by
selling bonds on the capital
markets of the world. More
than $3 billion of bank issues
are now outstanding.
Rate May Rise
The bank charges 6 per cent
for its loans. This rate may
soon have to be increased,
because high interest rates
around the world have added to
the bank’s own borrowing costs.
Bank loans average 20 years.
IDA, the bank’s "soft loan”
window, lends money for 50
years and without interest. So
far, IDA has loaned $1.7 billion
Both the bank and IDA lend to
governments as well as private
enterprises.
Another bank affiliate, the
International Finance Corp.
(IFC), invests only in the
private sector and on strictly
commercial terms. IFC has
invested more than $220 million
of its own money and taken
part in projects totalling $1
billion.
The IMF approaches the
problem of world prosperity
from a different angle. The fund
is concerned mainly with
maintaining the flow of world
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trade. It has s2l billion in gold
and foreign currencies to lend
its member governments when
they experience balance of
payments deficits. In other
words, the IMF helps tide
countries over times when they
are spending more than they
are earning in the world.
Thus the fund provides
reserves in addition to the gold,
U. S. dollars and, to a lesser
extent, British pounds sterling
that governments hold in their
own treasuries against such
rainy days.
Rules of Game
Under the rules of the
international monetary game,
governments are obliged to
spend their reserves in order to
maintain the value of their
currencies on the foreign
exchange markets of the world.
It’s widely agreed that if
currencs values were allowed to
fluctuate widely, international
traders would be reluctant to
buy the foreign currencies they
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must buy to purchase goods
abroad. World trade would
suffer.
Trade could also collapse, as
it did in the 19305, if
governments, lacking a lender
of last resort like the IMF,
were forced to restrict imports
in an effort to hold onto their
remaining reserves.
So far, 64 countries, including
the United States, have drawn
$13.2 billion from the fund, of
which $5.2 billion is currently
outstanding and must be repaid.
In addition to the IMF’s regular
quotas totaling s2l billion, the
group of ten countries have
agreed to lend the fund up to $6
billion more, in an emergency.
But now the rich nations of
the West, prodded by the United
States, have concluded that
additional reserves will be
needed in the years ahead, if
world trade is going to expand
as it should.
(Next: The “new money”)