November 2, 1978 – The Gnomes In Zurich Applaud – Will The Euphoria Continue?
November 2, 1978 – News for this day 39 years ago had much to do with the economy, and a state of euphoria that settled in on the world market. Cautious euphoria, and certainly a marked changed from the day before. In New York, the Stock Market got it’s biggest one-day jump ever, closing with up 35 1/3 points. It was all due to President Carter‘s moves to bolster the American Dollar. The result was a dazzling display at Exchanges in Japan and Europe. The Dollar closed more than 7 Yen up in Tokyo and opened higher at exchanges in Frankfurt, Zurich, Paris and Milan; fluctuating in London at around 2 cents below the previous days close. The price of Gold which fell more than $17.00 an ounce in London the previous day was now selling at $222.00 an ounce, and $219.00 in Zurich. Both figures were below the previous days close, and the money managers, as well as buyers and seller in Paris were enthusiastic. Even hard-nosed Swiss bankers, referred to as The Gnomes Of Zurich gave a thumbs up. A West German bank official predicted, like the Swiss, with support measures which were worked out in secret between the countries involved were predicted to bring about, not only a temporary stabilization of the Dollar but a permanent one. The French were equally positive, calling the Carter measures “courageous”.
European Bankers had also welcomed the package, although some added a characteristic note of caution. They emphasized there must be a follow-through of continuing and strong American action to support the Dollar, in order to re-establish faith in its long-term value.
That, and the expected increase in the price of oil was going to be substantially more modest than originally predicted would, in turn help the Dollar. And the euphoria continued, at least for now.
And two Cosmonauts landed back on earth after a record-breaking time in space, breaking the previous record of 96 days by two other Cosmonauts and well ahead of the American record of 84 days. Aside from the record, the excursion reaped a wealth of scientific and technical information, highly prized by Soviet Space experts.
And that’s only a little of what went on, this November 2, 1978 as reported by the CBS World News Roundup.
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