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...devaluation means an equivalent rise in the value of the franc, and the French want to limit that rise. They are reaping trade gains now by maintaining a relatively cheap currency. Besides, the more the dollar is devalued, the less the German mark will have to be revalued upward. And the French want to see the mark go up officially so that they will hold a trading edge over Germany...
According to the Department of Commerce, U.S. labor costs rose 4.9% last year, while those of Britain increased 10.8% and Italy's 14%. Germany's jumped 23%, reflecting not only wage increases but also the fact that in the past two years the mark has been revalued upward by 20% in relation to the dollar. U.S. wages were 104% higher than Sweden's a decade ago, but today are only 45% higher...
...issue at stake does not depend on any of these questions. If individuals of any skin color tended to have disproportionately high I.Q.'s and success in a universally upward-mobile society. I believe Herrnstein would not care. The phenomena would disturb only those who accepted racism, a belief that skin colors really are important...
What else could be done to blunt the protectionist appeal? One essential is a quick resolution of the international monetary crisis through upward revaluation of major foreign currencies and probably a formal devaluation of the dollar. More realistic currency values would tend to lower the world price of U.S.-made goods; as a necessary part of any monetary deal, the Administration should promise unequivocally to remove the 10% import surcharge. That solution would not mollify protectionists, but it would please some of their reluctant allies who are properly concerned about the startling deterioration in the U.S. trade balance. The Administration...
...Japanese yen would be revalued upward by about 12½%, and the German mark by roughly 7%. Counting in the dollar devaluation, that would make Japanese goods at least 17½% more expensive and German products 12% costlier than American items. Meanwhile, all currencies would have "wider bands," meaning that they could shift up or down by an additional 3% or so from their official parities, depending on supply and demand...