Word: money
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Dates: during 1960-1969
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...currency, De Gaulle loftily dismissed the possibility of the franc's devaluation as "the worst absurdity." Almost no one believed him. Speculation against the franc continued to mount until it neared crisis proportions, threatening to unbalance the entire, delicate mobile of the Western monetary system. The money managers and bankers of Europe and the U.S. assembled in Bonn in an emergency session, and solemnly rendered collective judgment that the franc must be devalued. The French braced for the worst, and the money men in capitals around the world prepared for the myriad adjustments in trade and currency flows that...
...three weeks the crisis in world money markets had been gathering, set off by rumors that West Germany's healthy Deutsche Mark would be revalued. Speculators hastened to sell their francs for marks, and during that period a total of some $1.7 billion in francs was sold, forcing France to use its gold reserves to support the parity of its currency. The run stopped only when the world's currency markets were closed down for three days to give the West's industrial nations, the so-called Group of Ten, a chance to solve the crisis. After...
...that Schiller, chairman of the Group of Ten, summoned the world's leading central bankers and finance ministers to an emergency meeting in Bonn, demand for gold in London hit the highest level since March. In New York, sterling hit rock bottom at $2.38. In Swiss money markets, it slipped even lower. The dollar, by comparison, weathered the crisis fairly well, reflecting general confidence that the U.S. was finally doing something convincing about its balance of payments problem...
...When the money men assembled in the barracks-style structure that houses the West German Economics Ministry, Schiller wasted little time in making clear his opposition to the revaluation of the mark. As the meeting dragged on into evening, tempers began to flare. "They did everything except throw chairs at each other," said one participant. Bitter exchanges broke out between the world's leading monetary managers. According to one report, Britain's Chancellor of the Exchequer lectured the West German Finance Minister "as if he were a member of the Conservative Opposition." Jenkins himself was heckled outside...
...European money crisis only dramatized what many experts have long regarded as an unassailable dictum: the free world's monetary system is overdue for an overhaul. That system-the internationally agreed basis for exchanging one currency for another-was born 24 years ago in the resort town of Bretton Woods, N.H. Imbued with a sense of wartime unity and mindful that competitive currency devaluations had deepened and prolonged the Depression of the '30s, the delegates from 45 nations took only three weeks to devise the fundamentals...