Word: franc
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Dates: during 1980-1989
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...opens his door wide. Looking at America, every voyager has the eyes of Christopher Columbus." So wrote François Mitterrand about his first visit to the U.S., when he was a young politician in 1946. This week America's doors will open wide again for France's new President as he travels to Yorktown, Va., to join President Ronald Reagan in celebrating the bicentennial of the Franco-American military victory that ended the Revolutionary War. In addition, Mitterrand will spend five hours in meetings with Reagan before continuing on to Cancun, Mexico, for a 22-nation summit...
...this week's devaluation of the franc symptomatic of a greater disorder within the international monetary system...
...calm skeptics, Mitterrand devalues the franc...
...French voted in a Socialist government, jittery money traders and investors looked to the U.S. as a bastion of political stability. The dollar in recent weeks has reached a four-year high against the pound, a five-year peak against the mark and postwar records against the French franc and Italian lira...
Behind much of the wanderlust is the strong recovery of the U.S. dollar against most other currencies. So far this year, the U.S. currency has risen 20% against the once proud West German mark, 23% against the battered French franc and 20% against the British pound. Smiled San Francisco Surgeon Roy Carson, boarding a plane to visit relatives in Sweden: "We watched the dollar go down, and now we're watching it come back up again...