Word: francs
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...long been the muscular deutsche mark, which gained strength as the currencies of other industrial states went soft and saggy. But the mark has been taking a beating itself since Oct. 31, and two weeks ago it staggered so badly that the central banks of the U.S., Britain and France had to take rushed measures to prop it up. Before it began to recover last week, the mark slumped to a low of 51.2? against the dollar, a prolonged slide from its high of 58.8? last January. It was also slipping against such onetime weaklings as the British pound...
...persistent high inflation is a relatively recent problem for the U.S., a number of European nations have wrestled with it for years, and their own prices have climbed to alpine heights. The late 1970s slide of the dollar against such key currencies as the West German mark, the Swiss franc, and the British pound has only widened the price gap. In Munich, a cup of coffee now sells for the dollar equivalent of $1.50; designer jeans in London go for $65 or more a pair; gasoline costs $3.23 per gal. in Denmark...
...suitcase. (His real capital, of course, lay in Picasso's Picassos and a huge store of works by other artists that he accumulated over the years.) He did not lightly dispense those bank notes. He preferred to give a delivery boy an instant drawing rather than a five franc tip. Fernande Olivier, with whom Picasso had his first lasting love affair, a liaison that lasted seven years, died of pneumonia in 1958, 46 years after their breakup. She received no financial help from her old lover. Picasso died worth at least $400 million. In the more realistic values...
...Mondavi is the leading producer of premium varietals in the U.S. He travels frequently in Europe and has introduced French winemaking techniques and equipment to California. The red wines they will make together in the Napa Valley will be mostly from cabernet sauvignon grapes, with some merlot and cabernet franc, approximately the Mouton mix. The first bottles, to be released in 1983 at the earliest, will probably cost between $25 and $35. By comparison, a Mondavi Cabernet Reserve '74 sells for around $30. A Mouton Rothschild of a comparable year, say '75, fetches twice as much. As Robert...
...strategy beginning in April 1978 focuses on a stable franc. It relies on an abolition of price controls, but it rests ultimately on market discipline. The French are now determined to undertake short-term austerities necessary to increase basic investment in sectors earmarked for future growth. They have publicly identified the problem, and the Prime Minister is constantly discussing the issue and laying the groundwork for public support for the remedy. There are no painless cures, but if the French public is prepared to undertake this program of austerity, then France, for all its divisive politics, may well be joining...