Word: francs
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...glitter and the gaiety were deceptive-or perhaps slightly manic. Six months after the riots that rattled the foundations of De Gaulle's Fifth Republic and five weeks after a monetary crisis that threatened to bring down the franc, France remains troubled and uneasy. Prices are rising. So are taxes, as a part of De Gaulle's new austerity program. Unrest continues to ripple across France's universities and factories, the centers of last spring's upheavals. All over the country, Frenchmen are worried that fresh economic crises or new disorders may break out. Some questioned...
...there is no question of revaluing or devaluing right now," but that there might be a general realignment of Western currency parities in 1970 or 1971. Many continental financiers figure that values may have to change long before that-perhaps by next spring-unless the economic austerity programs in France and Britain sharply reduce the pressures on the franc and pound. Last week both currencies rallied a bit in international trading. The pound gained after Britain reported that rising exports had lessened its chronic trade deficit during November. The franc rose even though France announced a $200 million November trade...
Measured in Gold. If and when an overall currency revision comes, the German mark, now the world's strongest currency, might well be raised in value by 5% or possibly 10%. Other strong currencies-the Italian lira, Dutch guilder and Swiss franc-could be raised somewhat less. The pound and the French franc might be devalued by 5% or so. Other currencies would move up or down, or hold their existing parity against the dollar, according to their relative strength...
...your cover story on the French monetary crisis [Nov. 29]: more important, perhaps, than an overhauling of the world's monetary system is an overhauling of the nationalistic attitudes toward international economic policies. Germany refuses to revalue the Deutsche Mark, and Germans applaud the victory over France. France refuses to devalue the franc, and De Gaulle envisions the nation's return to the head of the pack. If forced to devalue. France threatens a devaluation of such magnitude as to pull down other currencies with the franc. The U.S. dogmatically upholds the value of the dollar. The world...
TURNING away from the fitful franc for a moment, the International Monetary Fund last week reported some sanguine statistics about world trade. For the first time, nations are selling goods and services to each other at a rate of more than $200 billion a year. The flow reached $209 billion in this year's third quarter, an increase of 8% in the past twelve months. Altogether, the industrial nations increased their exports by 116% in the past decade...