Word: forint
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Dates: during 1980-1989
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...Everybody told me that is capitalistic. Why is it capitalistic to issue bonds? There are a lot of people with money who do not use it, and there are others who need money. Why not let them change positions?" Fekete's long-range goal is to make the forint largely convertible with Western currencies...
...primary goal of Fekete's tinkering is to establish a uniform rate of exchange for the forint, Hungary's monetary unit. Hungary, like all Eastern European countries, has traditionally had two rates of exchange, one for tourists and one for foreign trade. Fekete says that establishing a single value of the currency, which will be set primarily by world money markets, will make Hungarian businesses more efficient and profitable. Says he: "This will force our companies to work better. Marx never talked against profit but only who got the profit." The ultimate objective is to make the forint...