Word: franc
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Dates: during 1980-1989
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...legions of foreigners have been converting their money into dollars for investment in the U.S. In the process, they helped push the value of the dollar to new peaks on international exchange markets. Since 1980 it has surged 55% against the West German mark and 102% against the French franc. The rapid rise has made many American exports prohibitively expensive on world markets. As a result, Feldstein said, the U.S. merchandise trade deficit is likely to hit a record $60 billion to $70 billion this year, and may pass the $100 billion mark...
...trouble with Perkins' letter is that it found its way into the French press. At a time when Franco-American relations are already strained over Chad and the pummeling that the French franc has received from the dollar, Perkins' electioneering ploy seemed to be a gratuitous blow to Gallic pride. "Parisians do not cry nightly with eyes bathed in tear gas," sniped Le Quotidien de Paris. "The number of Americans in Paris this August is proof of that...
...months, President François Mitterrand has come under mounting criticism for his handling of the economy. He has been berated for increased government spending and successive devaluations of the franc. Fellow Socialists have groaned about his stringent austerity program, designed to bring the soaring foreign trade deficit under control and to curb France's 8.5% inflation. Students, shopkeepers and even policemen took to the streets last spring to vent their displeasure with the policies of his two-year-old government. His approval rating has plunged from 50% to 35% in the past year. Last week the President endured...
...lack of any specific pledges by the U.S. to help stabilize exchange rates, and the absence of any willingness in Washington to take any immediate steps to act on the vague promises made, helped push the French franc and the Italian lira to new lows last week against the dollar...
Many of the forces that have been blamed for a decline in American education have also been at work in France. After the protests of 1968, university reforms were enacted that moved toward providing equal opportunity to all young people. Within a few years, primary other things, the government increased the number of universities from 22 to 65. While many talented but underprivileged students were able to attend a university for the first time, thousands of underprepared students were also swept through the halls of academe. French universities expanded rapidly: from 385,000 students...