Word: traded
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Dates: during 1960-1969
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...have to share with those who have not." Then again, the report notes, "we live in a village world," where concern with problems at home and abroad is becoming "a political and social imperative." Strongest of all is the pragmatic argument that aid-fostered development will help increase world trade, to the benefit of rich and poor nations alike...
...teetering precariously from one crisis to another, the international monetary system has begun to display surprising strength and adaptability. Late in July, members of the International Monetary Fund agreed to 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...
According to generally accepted financial theory, this should have been an invitation to disaster. The assumption behind the IMF fixed-exchange rules is that uncertainty about what a major currency is worth from day to day will paralyze world trade and investment. Instead, trading in German money was heavy but orderly, and the mark's price rose 6%, to about 2610. Britain's Exchequer Chancellor Roy Jenkins summed up the situation as "very calm, all very calm...
Shift to Realism. Moneymen seemed relieved that Germany would no longer try to keep the mark at the unrealistically low price that had allowed the country to pile up enormous trade surpluses to the detriment of the economies and currencies of other nations. As the mark rose, the French franc dipped, then climbed back at week's end. Traders saw new hope that the combination of the recent 12.5% French devaluation and an eventual German revaluation would add up to almost a 20% shift in the official values of the two currencies-making the difference in their formal exchange...
...desperation, Prague's purge-minded regime last week replaced the ministers of planning, finance, foreign trade and price control. The government also decreed that the five-day work week will be increased to six, apparently in the belief that production will rise proportionately. That is a dubious assumption. Visitors to Prague are assured that industrial sabotage continues unabated. Few Czechoslovaks seem to care that they themselves, and not the Soviet occupiers, are the first victims. They seem bent on committing slow economic suicide, which in its way is as tragic as the destruction of political freedom a year...