THE ECONOMY: Golden Rue

In the network of U.S. military bases that reaches around the world, service morale was lower than a buck private's pay. It all had to do with the gold problem—and though few servicemen or their dependents understood much about the problem, and gold is something they see all too little of, they were convinced that they had unfairly been made its victims. Up to a point, they had a case.

1960 is the third straight year the U.S. has had a balance-of-payments deficit of more than $3 billion. One reason is that the U.S.'s vast military and foreign-aid commitments overseas...

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