Word: traded
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Dates: during 1960-1969
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...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 a cheaper franc would require. De Gaulle's critics could scarcely contain their glee that, at last, the oracle of the Elysée would be found fallible and forced to retract an utterance...
...explain what he intended to do to defend the franc in lieu of devaluation. He could apply many of the same remedies that British Chancellor of the Exchequer Roy Jenkins had imposed last week on Britain. He could reduce government spending still further, raise taxes and institute currency and trade controls in an attempt to stanch the outflow of francs...
...Gold is the sun," he said, "and the dollar is the earth. The earth revolves around the sun and the relationship doesn't change." Retorted Schiller: "Then I guess we're all just little satellites launched from Cape Kennedy." After Jenkins and Fowler had characterized the German trade tax concessions as inadequate, Schiller declared, "If the lopping off of one third of our export surplus is not a sacrifice, then it is obvious that we have quite different concepts of social values...
...factor that still remains out of balance-and has significantly contributed to the fiscal problems of Britain and France-is the foreign-trade account. As in 1967, the Germans will record a trade surplus of more than $4 billion this year. Increased domestic consumption hardly makes up for that, and Schiller's solution has been the encouragement of investment abroad-some $2.5 billion...
...Zeitung somewhat pompously observed last week in comparing the Federal Republic to France and Britain: "If we went on strikes and took breaks as often as the others, we too would have to go out and borrow, the only question being: From whom? If we had so suicidal a trade union system as the British, our mark would be just as tuberculous as the pound. If we had as many unsolved social problems as the French, then we would have as much unrest and -as in May in Paris-a ruinous rebellion...