ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Stray Thoughts on Credit Planning

August 9, 1969 to commit to political and constitutional fundamentals. These should be detailed with care so as not to offend the dignity of the Presidency. They should also honour the principles supposedly rooted at the base of Congress doctrine. Should Sanjiva Reddy fail to commit, he should be denied the vote. But, then, in the Congress commitments are mads to be broken.

The Currency Cauldron

The Currency Cauldron THE international currency cauldron is on the boil again, this time because of the sudden departure of de Gaulle from the political scene. De Gaulle's own views on the currency problems, as on many other things, were heterodox. He considered the present international system to be untenable and, therefore, sought to change it away from the discretion-based creation of artificial reserves. When he was forced into a position when he could unilaterally devalue the franc and rock the entire international currency system, thereby taking at least the pound sterling and the US dollar down with him, his pride induced him to stand firm against international pressures for divaluation of the franc. For him, the French franc was the symbol of his own power, and he considered unilateral and enforced devaluation of the franc a greater hum liation than accepting support for it from US through swap arrangements, In the process, de Gaulle lent to the international currency system a part of hs own immutability

Where Is the Upsurge

December 14, 1968 If all banks are to go into these areas, how are their activities to be co-ordi- nated? Problems of co-ordination will become far more serious when multiple financing agencies rush into the same area. The seminar offered no solutions to this problem.

Gnomes and the Titan

Gnomes and the Titan DE GAULLE has said "non" again, this time to Germany and devaluation of the franc. International money markets, closed last week for varying periods and opened only this Monday, are still chewing the words of the oracle of Elysees.

Stringency Expected Shortly

The seasonal easy spell has continued in the interbank call money market. Last week, the representative call rate was maintained at 4 per cent as before, but an increasing number of transactions was put through at 3.50 per cent. Even exchange banks entered the market to lend small surpluses.

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