Word: pound
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Dates: during 1960-1969
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...pound hit a record low of $2.3813 in London, apparently because the Bank of England felt it safe to support the price at a lower level than the $2.3825 it usually tries to maintain as a floor. The value of the U.S. dollar dropped against the mark in Frankfurt but held steady elsewhere. The free-market price of gold moved scarcely at all-even though that volatile price is supposed to shoot up on any widespread doubts about the value of paper money...
...Pompidou's astuteness in cutting the franc when most of Europe was on vacation, in advance of any crisis, and to a level-18.0040-that most moneymen thought was about what the franc really is worth. Contrasting the months of turmoil that followed the 1967 devaluation of the pound with the calm reception of the French devaluation, the London Times concluded wistfully that "the differences show clearly the differences in political competence between the two governments...
...effects will be felt beyond France's borders, however. When the international money markets reopen this week, there are bound to be repercussions. The U.S. dollar should feel no strain because it still ranks as one of the world's strongest currencies, but the convalescent British pound seems certain to come under renewed speculative attack. Although London affirmed its determination to maintain the price of sterling at its present $2.40 level, financiers are divided over whether Britain has the resources to make that decision stick. At the unlikely worst, a forced devaluation of sterling could start a chain...
...French devaluation represents a considerable political victory for West Germany. A lower-priced franc reduces the pressures on the Bonn government to raise the 25? value of the robust Deutsche Mark. The mark is overvalued in comparison with the dollar and pound as well as with the franc, and that disparity has become a major source of international speculative troubles. But Germany has resisted any change on the ground that it would only touch off domestic inflation...
...their satiated elders who long ago seized life by the throat-only to find that they had killed it. The best of a talented troupe is Isabelle's much older sister, Marthe (Regine), a doughy redhead who believes that sex appeal, like flour, is measured by the pound. As Isabelle's hag-ridden father, Gregoire Asian can convey more with a lowered eyelid than most men do with a shrug of their shoulders...