Word: germanizing
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Dates: during 1960-1969
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Catacomb Christianity. The prophetic critic of Nazism mellowed into an enigmatic neutral during the cold war. In 1945, he defended the return of political freedom to the German people, who, he said, had been Hitler's first victims. He consistently refused to condemn the aggressions of Russia with anything like the same vigor with which he had challenged Hitler. Unlike Nazism, Barth argued, Communism was a totally materialistic philosophy whose frank atheism represented no threat to the internal authenticity of the church. He thus refused to protest the Communist invasion of Hungary-although when a friend visited...
That difficulty is understandable. Switzerland owes its famous banking prowess to the soundness of its currency, the secrecy of its financial men and the neutrality of its politicians. Numbered accounts were introduced in the 1930s to thwart Nazi Germany from hunting down assets hidden abroad by its citizens, mostly German Jews. As a rule, only one or two top bank officers know the identity of holders of such accounts. Under Swiss law, those who do know have a "duty to observe silence of professional secrecy." Otherwise they face a fine of up to $5,000 and six months in jail...
...came last week from Karl Schiller, West Germany's increasingly influential Economic Minister. In a TV interview, Schiller substantially hedged Kurt Kiesinger's month-old promise that "the mark will never be revalued while I am Chancellor." That promise, said Socialist Schiller, binds the German government only until next September's national elections. More important, he added, it applies only to an isolated German move to raise the price of the Deutsche Mark and does not rule out a general shuffle of parities among several countries...
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...
...today's exchange rate of four marks to the U.S. dollar, top German officials consider that the dollar is more overvalued than the mark is undervalued. Still, the mechanics of the monetary system weigh strongly against any devaluation of the dollar. The price of the dollar is measured only against that of gold: $35 per ounce. Other currencies are valued in terms of dollars...