Word: markings
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Dates: during 1960-1969
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...launch bold new initiatives toward the Soviet Union and its East European allies. At home, the Socialists promised to bring an innovative approach to problems of university reform, youthful unrest and individual rights. Among their first acts is likely to be an upward revaluation of the muscular German mark, probably fixing its price around the 26.50 level to which it has floated since it was cut loose from its old 250 price the day after the election (see BUSINESS). Also expected swiftly is ratification of the nuclear non-proliferation treaty?a move that could persuade several smaller, weaker countries...
...British welfare state with U.S. free enterprise. A shrewd campaigner who can explain complicated fiscal matters in a way everyone can grasp, Schiller might be considered for the chancellorship some day, despite his diminutive, unprepossessing appearance. Schiller is particularly pleased at having outfoxed the Christian Democrats, who opposed mark revaluation, by convincing housewives that a higher-priced mark would increase their buying power...
When the Supreme Court convenes this week, the absence of Earl Warren will mark a new era-but the presence of Warren Burger will not make a dramatic difference. For one thing, Chief Justice Burger will lack the support of his fellow Nixon nominee, Clement Haynsworth of South Carolina, whose approval is by no means certain (see THE NATION). For another, Burger shows no sign of wanting to lead the court in a headlong retreat from the past 16 years. "We are unlikely to see a sudden return to some strange, anti-defendant, anti-Negro, anti-reapportion-ment court," says...
...create a new form of money, called Special Drawing Rights, that will help finance the-continued growth of world trade. In August, France devalued the franc without causing any real tremors. Last week the value of one of the world's most important currencies, the West German mark, was established not by government fiat but by the free market...
...Germans did not intend anything quite so grand. They simply could not think of any other way to stave off a speculative crisis. Convinced that a new socialist government would raise the value of the mark, speculators clamored to buy German money. In just 90 minutes of trading on the morning after the election, $250 million poured into the Bundesbank from abroad. The outgoing Kiesinger government was in no position to stanch the flow by making the mark more expensive; that is the sort of basic decision traditionally left to the new government. Instead, the Bundesbank freed the mark...