Word: franc
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Strengthening Prestige. In exchange for its largesse, France will be assured of enough Algerian oil to satisfy growing French consumption (which doubled to 309 million barrels between 1959 and 1964) and thereby will attain Charles de Gaulle's goal of independence from the Anglo-American oil companies. By paying francs for oil from the only major source within the franc zone, France will also save $280 million a year in foreign exchange. Perhaps most important, the agreement is a long step toward returning Algeria politically-as well as financially-to France's sphere of influence. It also serves...
...that the exchange rate would recover. The Paris money market--the scene of his greatest triumph--would become his permanent resting place. His spirit would pass from that earthly shell through the veins of the monetary system to all corners of the earth. His very being would animate each franc, each dollar, each ruble, rupee, and drachma. And, long after his death, statesmen would journey to inspect the great French general, the leader of men who proved far more valuable dead than alive...
...Weak Francs. Europe's businessmen, who previously complained that the unchecked inflow of U.S. dollars aggravated the Continent's inflation, are now warning that the cutback raises the danger of deflation. The Swiss franc and the French franc have weakened in relation to the dollar on international money markets, and the short-term lending rate for Euro-dollars-the $5 billion-plus hoard of dollars that is circulated by Europe's banks-has jumped from 41% to 5% as borrowers scramble for funds to finance expansion. In Australia, where the Sydney stock market suffered its sharpest fall...
This golden tide owes its swell chiefly to Switzerland's reputation for neutrality, conservatism and sound currency. (Today, the Swiss franc is backed more than 100% by gold.) The Swiss have sheltered foreign possessions as well as people through the Thirty Years' War, the Huguenot persecutions, the 1848 revolutions, and the last three major wars in Europe...
...government has finally given up, is now preparing to remove the troublesome 50-centime coin and replace it with a new half-franc piece of different size. Also adding to the morale of inflation-ridden Frenchmen will be a new 10-franc piece, purposely made very heavy to give "the impression that the franc is a solid, stable currency...