Word: franc
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...considering a strong dollar a national birthright, Americans lately have learned the humiliation of holding a currency that sinks, slumps and plummets almost every day. In the past year the dollar has declined 17% against the West German mark, 29% against the Japanese yen and 34% against the Swiss franc-and even 9% against the Indian rupee. The Carter Administration has responded with a Dr. Feelgood litany that the dollar's health is sound, and that it will recover from its indisposition if everyone will only wait long enough. But the world's money traders are not buying...
...role. The fall of the once-mighty British pound from $4.03 to a low of $1.55 was both a contributor to and a measure of Britain's postwar decline. When Charles de Gaulle returned to power in 1958, one of his first acts was to restore the French franc to strength with a currency reform that devalued the franc, established an austerity program and even symbolically replaced the Monopoly-money ancien franc with a nouveau franc at a rate...
...does not by any means solve all his problems. Last week revised figures showed that the inflation rate in the second quarter of 1978 was a grim 11%. Despite the good news in the Middle East, the dollar continued to fall, reaching an alltime low of 1.51 Swiss francs. The dollar has now fallen about 37% against the Swiss franc in a single year. The price of gold rose to a record high of $216 per oz. Carter met with his top economic advisers last week to work out a plan to combat inflation, now the No. 1 domestic issue...
...economic advisers to plan a Stage Two anti-inflation program and warned in a speech to the steelworkers that it will be "tough" and require "some sacrifice from all." The Federal Reserve made some additional moves to tighten credit, the dollar sank to a new low against the Swiss franc, and prices worried down again on the stock exchanges...
...York City, arriving Europeans want to see Times Square and Harlem and then fly south to Disney World. All this activity represents not just world prosperity but also the swooning collapse of the once almighty dollar, which has sunk 7% against the yen and 10.5% against the Swiss franc since July. Against gold, which is being feverishly traded in major markets, the dollar has slumped about 12% in the same period. The result has been to make the U.S. a bargain hunter's paradise for even middle-class foreigners. More than 20 million foreign tourists are expected to visit...