Word: franc
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Dates: during 1980-1989
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...very basic strategic change. The government of Barre and Giscard d'Estaing saw sufficient political support to enable it to take a longterm point of view. Even before then, able French bureaucrats had developed a strategy but it was more of inflating domestic demand and periodically devaluing the franc to bring French costs into line, but underinvestment in sectors involved in international trade left French industry ill-equipped for competition...
...strategy beginning in April 1978 focuses on a stable franc. It relies on an abolition of price controls, but it rests ultimately on market discipline. The French are now determined to undertake short-term austerities necessary to increase basic investment in sectors earmarked for future growth. They have publicly identified the problem, and the Prime Minister is constantly discussing the issue and laying the groundwork for public support for the remedy. There are no painless cures, but if the French public is prepared to undertake this program of austerity, then France, for all its divisive politics, may well be joining...
...Regine barred Dewi from the Paris motherhouse for slapping another customer. Dewi sued in court, and now she has won a clear, if toothless, decision: the joint, ruled a French judge, is a public place, and Dewi may not be barred from it. Regine was ordered to pay one franc (250) in token damages. "I declared war and I won," crowed Dewi. "A futile and idiotic affair," retaliated Regine. "One franc will not take her very far." Certainly not in her place, where champagne sells for $20 a glass...
...James Dines and Franz Pick, who for years have urged investment in gold as a safe hedge in an in flation-weary world economy. As gold soared, the dollar continued its plunge against foreign currencies, hitting an all-time low of 1.70 deutsche marks, and sinking against the Swiss franc, Japanese yen and British pound, though it recovered somewhat at week...