Speaking francly
TIMED to the minute, the ten-franc kir returns! Christmas shopping in the Rue de Rivoli, quick trips to Rheims to stock up with champagne, a few days on the piste at Val d'Isere — as the exchange rate flickers into double figures, everything seems possi- ble and everyone is happy, except the Gov- ernor of the Bank of England. The pound, he says crossly, is too strong, but there is not much he can do about it. A pound, as I beg to remind him, is a promise to pay, given by him and signed (by his chief cashier) on his behalf. Can he be saying that his promises are overvalued? Would he now swap worries with his opposite numbers in Bangkok and Seoul? Would he rather that his currency was popular or friendless? When next asked, he should say that he appreciates the market's confidence and will strive to deserve it. Then he should hurry off and go ski-ing.
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