Word: guildered
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...Washington, Federal Reserve Board Chairman Arthur Burns announced bravely, "As far as I'm concerned, this is the last devaluation." Many speculators clearly did not believe him. Bursts of late selling drove the dollar's price down against the Swiss franc, Dutch guilder and Italian lira. Through Wednesday, the West German Bundesbank found enough buyers of dollars to unload some $950 million of the $6 billion in unwanted greenbacks that it had been forced to buy just before the devaluation, but on Friday it had to buy dollars again to support the price...
...foresees a whole round of currency changes occurring at any time from the next few days to eight months from now. He predicts an increase of roughly 10% in the value of the Japanese yen, a 5% to 10% upward revaluation of the mark, other revaluations for the Dutch guilder, Austrian schilling and Belgian franc. Because the dollar then would be worth less against these currencies, the result would be a further devaluation of the dollar averaging about...
...international agreement last December that devalued the dollar and established a new set of exchange rates for major currencies was delicately balanced. It stipulated not only what the dollar was worth in terms of other currencies, but how many German marks a Dutch guilder would buy, how many Japanese yen a French franc would equal, and so on. It was inevitable that sooner or later doubts about the value of at least one of these currencies would put the system to a severe test. The test came last week, when an explosion of currency speculation left the whole network...
Monetary Brew. The negotiated realignment among major powers will increase the worth of Japanese yen by 17% in terms of the "old" dollar; in all, the West German mark will go up 13.5% against the dollar, and the Dutch guilder and the Belgian franc will rise 11.5%. The French franc and British pound will be formally unchanged; but, with the dollar's devaluation, they will go up 8.6% relative to U.S. money. Italy and Sweden will devalue their currencies slightly, by 1% each, but still end up 7.6% higher than the dollar. In return, Treasury Secretary John Connally said...
...BAND. The mildest proposal put forward by advocates of flexibility is to scrap the International Monetary Fund requirement that nations must prevent the price of their currencies from varying more than 1% above or below their official dollar values. Germany and The Netherlands are already letting the mark and guilder float-that is, find their own values based on supply and demand. Robert Roosa, former U.S. Treasury Under Secretary, proposes that IMF members let their currencies fluctuate perhaps 2½% above or below official value. Thus, small changes in the values of currencies could be made by the free market...