Word: old
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Dates: during 1960-1969
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...months, international bankers have considered an upward revaluation of the German mark to be inevitable (TIME, Dec. 20). Last week Chancellor Willy Brandt's new government announced that the muscular mark henceforth will be worth 27.3 cents-or 3.66 marks to the dollar instead of the old four-mark rate...
This rise of 8.5%* is more than the 6.25% proposed by Economics Minister Karl Schiller last spring. It is also more than the 7.25% revaluation carried out by market forces in the four weeks since the mark was cut loose from its old peg. Schiller called the new rate "the golden mean-courageous but not foolhardy." It was clearly a compromise. Schiller wanted a change large enough to anticipate a continuing higher inflation rate outside Germany, but German industrialists argued for a lower figure. By making German exports more expensive and foreign countries' exports more competitive, the change should...
Until recently, European monetary markets were constantly unsettled by the 15% to 20% gap between the French franc, which had been overvalued, and the mark, which had been undervalued. Taking into consideration the removal of the year-old 4% "quasi-revaluation" tax on German exports, Germany's actions last week, combined with France's devaluation in August, closed this gap and added a new stability to the world of money. England's Financial Times commented: "There is a better chance now than for many months past that the exchange markets will settle down to a quieter...
...single shareholder in AMC, with 22% ownership and two seats on the 14-man board. But there was no evidence that Kaiser intends to add the auto company to its empire of steel, cement, aluminum and chemical companies (total assets: $624 million). The suspicion in Detroit was that two old friends, Edgar Kaiser and American's Chairman Roy Chapin Jr., have a secret signed agreement to assure that Kaiser will not take over control...
...turned into slums as squalid as the shanties that they replaced. St. Louis' Pruitt-Igoe project, hailed as an architectural gem when it was built in 1954 for $117 million, has become a center of vandalism, muggings, dope, sexual perversion, rape and homicide. Stairwells and hallways reek of old garbage and excrement. Recently, elevator repairmen refused to work in the buildings because of repeated sniping incidents. Despite low rents, the project today is 43% vacant. Says the Rev. Buck Jones: "People are moving out because they are scared to death...