Word: franc
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...they have for generations, Frenchmen hedge their bets on the future by buying up and hoarding "napoleons"*-golden 20-franc pieces. Napoleons are thus the truest reflection of a small Frenchman's faith, or lack of faith, in his government's financial stability. Last week, after a climb of 30% in the past ten months, the price of the gold napoleon stood at 3,310 francs (about $9.45), the highest since the nervous last days of the war in Indo-China. In bullion terms, this made the napoleons worth $50 per oz., v. the U.S. price...
...best bet for a steady income is a gallery contract, a monthly payment of $50 to $150 for "first look" rights. Portrait commissions, once the artist's standby, have practically dried up; the art patron willing to finance a painter is as scarce in inflation-ridden France as a gold franc note. Many artists barter their works for art materials, do part-time drudge work painting lead soldiers, washing bottles, painting houses...
...connoisseurs had already established the artist as their choice among postwar French painters (TIME, March 21), the critics had to grub for superlatives. "The Goya of our times," wrote the critic of L'Express. "Together with Picasso, [he] ranks among the most extraordinary examples of artistic creation," said Franc-Tireur. In the gallery's red morocco-bound guest book, the great and fashionable scribbled "Bravo, Bernard" and "C'est merveilleux...
...expects to bank a $600 million surplus this year. But its good showing was possible chiefly because of vast grants of U.S. aid, and because Germany spent relatively little for rearmament (see FOREIGN NEWS). In an effort to liberalize foreign trade, Belgium lifted virtually all exchange restrictions on the franc and established a free gold market. But Belgium is having trouble staying within its income, has run up a $6.2 billion national debt. Gradually, however, Belgium is getting the problem in hand, expects its deficit this year to be $240 million v. $380 million last year...
...bite last week, the only remaining buyer in sight seemed to be the department of the Somme. But the Somme's Conseil Général has already put itself on record as waiting "until the government offers us the tower for a symbolic payment of one franc...