Word: franc
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Recoining the Franc. Thus far Treasury officials have been happy to get rid of all the silver they can. They are not worried by London fears that the U.S. will run out of silver in the next few years. The U.S. still has 122 million oz. in its free silver vaults-over and above its vast monetary reserves. Although the mint dips into the free silver stocks for some 40 million oz. for new coins each year, the Treasury can always stop selling silver if its stocks drop dangerously low. The Treasury argues that special circumstances have recently affected both...
...economic progress is essentially an incessant struggle between the call of the future and the defense of the past." So said French Economist Jacques Rueff last week as he presented the report of a 16-man government committee appointed last year to find out what is hampering France's efforts to expand. The committee, guided by Rueff, architect of the successful franc devaluation in 1958 and a fervent apostle of free enterprise, and Louis Armand, postwar boss of the French nationalized railroads and later first president of Euratom, found that plenty ails French business-much of it a legacy...
Behind the nationwide one-day strike of government employees, from postmen to customs inspectors, lay the dissatisfaction of lower-income Frenchmen at the steady upward creep of consumer prices. Though France has 30% more cars on the road this year than last, and the long-abused French franc continues to gain strength in relation to gold and the dollar, the new prosperity fostered by Charles de Gaulle has not trickled down to the lowest-paid classes. Even conservative newspapers concede that the pay of government employees, traditionally a pace setter for clerical workers generally, is disgracefully low. Only 14% earn...
...white women will have to rear the mulatto offspring of the black man." As if all this were not enough, the Congo's finances were chaotic; $230 million in capital escaped the country before exchange controls were imposed, leaving scarcely enough in currency reserves to back the Congo franc...
...first government he installed collapsed because the main political party, Istiqlal (Independence ), thought the Premier was too pro-French. Since December 1958, Premier Abdallah Ibrahim, 41, has governed at the head of an uneasy coalition whose backbone was the leftist Union Nationale des Forces Popnlaires. He devalued the Moroccan franc, obtained U.S. agreement to the evacuation of air and naval bases by 1963, talked of sweeping economic reforms and nibbled away at the King's control of the national police...