Word: lira
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...explosion of the Krakatoa volcano was the loudest sound ever heard on earth -- it was clearly noted 2,058 miles away in Ceylon -- that the Spanish Steps, Rome's great gathering place for tourists, are actually owned by France and leased to Italy for an annual fee of one lira (about .07 cent)? Where else can it be learned that Henry VII's Queen Elizabeth was the original model for the four queens in a deck of playing cards, that Venus is the only planet with a rotation from east to west or that Cyrus the Great could address every...
According to the economic textbooks, the price of imports should go down when the value of a country's currency goes up. Reason: when the dollar is worth more francs, marks or lira, products originally priced in those currencies should be correspondingly cheaper. In the theoretical world of economists, a British suit that costs (pounds)150 in London should sell in the U.S. for $300, plus a little more for shipping and import duties, when the pound is worth $2. If the value of the pound drops to $1, that same suit should cost...
Repercussions from the surge of the dollar were political as well as financial. In Rome, Italian Prime Minister Bettino Craxi called a special meeting of several Cabinet ministers to discuss what could be done to protect the lira. Said Lamberto Dini, the director general of the Bank of Italy: "Everyone is concerned, both in Italy and in Europe, because what is emerging is an unsustainable pattern of exchange rates." During her scheduled meeting with President Reagan in Washington this week, Britain's Prime Minister Margaret Thatcher intends to press for assurances that the Administration will take early steps...
...economy showed several signs of vigor last week. The dollar set records against the French franc and Italian lira and was worth more than three West German marks for the first time since 1973. To foreign investors, said Walter Heller, who was President Kennedy's top economic adviser, "the U.S. is the safest and most profitable haven around for investment." Bond prices surged on the belief that the Federal Reserve Board is easing its monetary policy. Stocks also rallied. The Dow Jones industrial average jumped 30 points to finish the week...
Silverblatt's feeling came from a dollar that this summer has hit all-time highs against nine foreign currencies, including the British pound, the French franc and the Italian lira. The surge has helped to propel American tourists abroad in ever growing numbers. Applicants at the 13 U.S. passport agencies have had to wait up to eight hours this summer just to reach the counter, and clerks have been working six-day weeks. The frantic pace should outstrip last year's, when U.S. travelers made a record 25.3 million trips abroad...