Word: bonne
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What mountains labored to bring forth such a ridiculous molehill!" complained Bonn's respected daily Die Welt. "A piecemeal approach that cannot work," sniffed the foreign currency chief of France's largest private bank. Such was the curt reaction in money centers last week to a widely ballyhooed U.S.-West German agreement that will give Washington more ammunition, in the form of borrowed deutsche marks, to use in defending the battered dollar. But unfortunately, the greenback fell once again in all major currency markets...
...Carter Administration with the sins of its predecessors, there is no escaping the legacy. That legacy is, in fact, a large part of the reason that the transatlantic debate over the dollar has turned into a dialogue of the deaf. Since early last year, Washington has been urging Bonn to expand its economy and bring its growth rate up to the U.S. level. If West Germany did that, its trade surplus would shrink and the deutsche mark would cease its inexorable rise against the dollar. When Administration officials charge that West Germany's refusal to cooperate really amounts...
...Washington's efforts to get Bonn to change its mind and begin sharing some of the burdens of growth have been rendered counterproductive by the way the Carter Administration has wielded the dollar as if it were some sort of international shillelagh. That attitude has merely aroused suspicions in Bonn that Washington is once again trying to push its own inflation off on its friends. Says William Pfaff, associate director of the Hudson Institute Europe consulting firm in Paris: "There is a feeling in Europe that Washington is interested in Europe when it wants something from Europe, and that...
...rise accelerated at week's end after President Carter announced that U.S. and German officials have been conferring by telephone about concrete new plans for strengthening the dollar; Carter himself chatted with West German Chancellor Helmut Schmidt for 15 minutes. After weeks of disconcerting sniping between Washington and Bonn, the news of renewed cooperation served notice on money traders that the U.S. and West Germany will probably agree on a joint strategy, presumably involving in the initial stage coordinated buying of dollars to support their price against the DMs. Administration officials are putting together a new dollar-support program...
...tried to nag West Germany into pumping up its economy to reduce the trade surpluses that are prompting conversion of dollars into deutsche marks. The West Germans, fearing inflation, resisted so sternly that the best the U.S. has managed is an agreement under which Washington and Bonn will stop calling each other names in public...