Word: lira
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...most chronic source of monetary crisis, might well be reduced. The mark probably would have moved up in several steps from its present value of 25?, to 26? or 27?, and the franc would have gradually declined from 20? to around 18? or 19?. The Dutch guilder and Italian lira probably would have moved up too, while the British pound almost certainly would be worth less than its present $2.40. The U.S. dollar would not have changed because it is the standard against which the other currencies are measured...
...time or a season but a state of mind." The rest of the news that final week of 1927 was scarcely more exciting. Warren Gamaliel Harding and his wife Florence were reburied in a marble tomb in Marion, Ohio. Mussolini was forced to revalue the Italian lira. Salvage work on the submarine 54, sunk off Provincetown, was delayed by winter storms...
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...
...Revalue certain currencies. Among the undervalued currencies at present are the mark, the Swiss franc and probably the Italian lira and the Dutch guilder. Many financial experts believe that they should all be scaled slightly upward. The overvalued currencies-generally those that cannot buy as many goods and services at home as abroad-are the dollar, the pound and De Gaulle's franc...
...bound to come up on the other side of disaster with a patchwork government that will last until the next one, pointing again to their great miracolo, the economic miracle that the nation's leaders always cite as proof that there is really no cause for concern. The lira is so strong that some rumors speak of an upward revaluation. Gold reserves increased by $383 million in the twelve months ending Oct. 1, the largest increase of any country in the world for that period. The Italians must be doing something right. But they must be doing something wrong...