Word: francs
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Dates: during 1970-1979
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...investment rush has been building for years, and now it is gaining momentum. One factor is the dollar's slump, which has enabled holders of West Germany's mark, Switzerland's franc, Japan's yen and other strong currencies to buy a piece of the U.S. at bargain prices. More important, in the new economic climate of high-energy prices, sluggish international growth and protectionist trade sentiments, the U.S. appears to be the country best suited to ride out the tempest. It also seems the nation least vulnerable to the terrorism that is ravaging Italy...
DIED. Jacques Léon Rueff, 81, free-market economist who helped Charles de Gaulle put France on the road to financial reform after 50 years of inflation and deterioration of the franc; in Paris. A firm advocate of the gold standard as an economic foundation for all Western countries, Rueff in 1958 carried out a drastic reduction in borrowing, the removal of nearly all quota restrictions for international trade and most significantly, the creation of a new franc (worth 100 old francs), which helped restore France's balance of trade and built up its gold reserves...
Kwon has had 10,000 500-franc bills printed with the Yale Bulldog. Each player will be given 25,000 francs, and anyone who wins $500,000 will get a genuine $100 bill. Kwon has also had six blackjack tables shipped from New York for the event and plans to show horse-racing films...
Sink it did last week, and not so gradually. Before the agreement, the dollar had risen to 2.08 DMs; by week's end it had dropped to 2.03. It also fell against the Swiss franc, the French franc, the Italian lira and the British pound...
...more. The U.S. at the start of the year began buying unwanted dollars to prop up their price; that intervention, which Europeans insisted was too brief, accomplished nothing. The Swiss in the past two weeks have taken a series of drastic steps to stop the rise of the Swiss franc against the dollar; among other things, they lowered interest rates to as little as 1%, imposed a 40% "negative interest" charge on certain foreign deposits of more than 5 million francs in Swiss banks -meaning that depositors must pay 40% a year for the privilege of keeping these accounts...