Word: exportability
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...Europe, factories are humming at or near their capacity, but consumers are spending money so fast that some firms cannot fully meet the demand for their products. French automakers, for example, are making many domestic buyers wait for delivery of new cars because they are giving priority to export orders...
...French officials well know, devaluation by itself is not enough to restore a country to financial health. By temporarily lowering export prices and raising import prices, a devaluation only gives a country time to overcome the economic weaknesses that undermined its currency. The benefits of devaluation can easily be wiped out by further inflation. If French price increases continue at their current pace of 6.5% yearly, the gains of franc devaluation will be gone in less than two years. In fact, devaluation itself has a tendency to accelerate inflation, because the automatic increases that it brings in the prices...
Treasury Under Secretary Paul Volcker last week called the deficit "one cost" of inflation, which raises U.S. export prices and sucks in low-priced imports. To control inflation sufficiently to restore a trade surplus, he added, will take "years rather than months...
Addressing a political rally a year ago, Zambian President Kenneth Kaunda insisted that he had no intention of nationalizing the foreign-owned copper mines that account for 95% of his country's export income and half of its government revenues. Said Kaunda: "The copper mines are big business...
...which is owned by Manhattan-based American Metal Climax, Inc., and Anglo American Corp. of South Africa Ltd. In addition to taking over controlling interests in the firms, Zambia will substitute 25-year leases for their existing leases "in perpetuity," and replace the present 44% royalty and export tax with a 51% mineral tax. The nationalized companies' holdings have a book value of about $784 million. Kaunda expects to pay shareholders for their loss entirely out of future copper profits. These are already so heavily taxed that even if dividends are maintained at their present level, the Zambian government...