Money: Forlorn Hopes

When he travels to Spain this week for an American Bankers Association conference, Treasury Secretary Henry Fowler will conspicuously fly a U.S. air line (TWA), will probably stay only one day and, he says, "I may carry my lunch." Reason for this frugality: once again the U.S.'s hopes for ending its gold outflow have proved to be forlorn.

Fowler, who only three months ago was insisting that the U.S. would whip the eight-year-old problem in 1966, appeared last week at a Washington news conference with Commerce Secretary John Connor, and reported morosely that the deficit in the nation's balance of payments...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!