December 9, 1968
The N.C. Essay
hy Dennis Williamson
Amidst all of the idealistic The Germans,
claptrap and political propaganda
that currently surrounds our country
and its trend of public opinio n,
there exists one overwhelming factor
that many people (especially quasi
liberals) overlook that which is the
importance of our economic stability
Every functioning governmental con
cept has its fundamental roots in
commerce and business, which consti-
i:ute economics. Therefore, when a
major power such as France begins to
collapse financially, the event is
world news. Since the world finan
cially is a new-work of interdepen
dent nations, the fall of the franc
would produce serious global reper
The headaches France has with
its money is both comple:: and con
fusing and would require pages of
technical explanation pertaining to
the science of economics. However,
to clarify as briefly and simply as
possible, France has been in hot
water since the spring labor strikes
and student riots. The outcome of
these disorders was mainly higher
wages for the workers which the
French government has difficulties
providing. (Reports have it that
students and labor leaders of France
are now collaborating for more
strikes which would mean death to
the franc were these strikes Co oc
cur.) However, the real crises took
-place three weeks ago when French
speculators began trading their weak
francs for the solid, stable German
marks which were rumored to be ready
tor j. evaluation (worth more dollars
per mark). The French Government
lost tons of money in francs and
gold within days of this run on the
banks. VJith the threat oi more
money flowing out, France declared
a bank holiday and a caucus of eco
nomic experts gathered in Bonn, Ger
many for a meeting. Since Germany
has recently been doing better fi
nancially and France worse than the
other Western allies, an ^;t tempt was
made to either revalue he German
mark or devalue the French franc.
Either decision would have been be-
nificial for economic stability.
however, haughtily re-
f ;3ed to burden their booming trade
because of the other nations' inabi
lities to compete., It was decided,
therefore, to devalue the franc.
When one type of currency is de
valued, the currency becomes wort’-,
less than before. The idea of de
valuation is to stimulate lagging
trade and depleting gold reserves in
order to help faltering nations.
However, with devaluation comes po
litical disgrace and inconfidence
from other nations and peoples. It
may be logical, then, that when a
German newspaper proudly declared
Germany the number one country in
Europe after dethroning France, that
French President, Charles de Gaulle,
the twentieth century Napoleon Bona
parte, who is as much a part of
France as Mayor Daley is to Chicago,
stubbornly refused to devalue the
franc as the experts had advised.
De Gaulle is trying to build a great
er ’'-•ance which would be independent
of the United States, and also world
power. He has seen France bungle
two world wars and be bailed out by
foreign powers; he knows that the
franc has been devalued fourteen
times since 1914; he also knows that
the people must regain confidence in
their government. To devalue the
franc, therefore, would be the rui
nation of his ego and France's sov
By refusing to devalue the
franc, de Gaulle has gambled that
France can remain stable with con
trols other than devaluation. These
controls will be in the form of cut
backs in government spending such as
the massive French nuclear program;
heavy pressure on the people in the
form of higher taxes and raised
prices on commodities, atilities,
and other public services.
Whether de Gaulle succeeds or
not remains to be seen; the experts
doubt that the French can pull
through without devaluation. Once
again the world has been snubbed by
the big-nosed Frenchman, but now he
gambles for the welfare of France,
the common market, and the prosper
ity of the Western nations.
LORN A FRADY WINS
N. C. E S S A Y n A S T H E A D
This issue features the new
masthead for the N.C. Essay which was
designed by Lorna Frady. She will
receive the $10 award for the best
entry in our masthead contest. The
N. C. Essay staff congratulates her
for her winning entry.
Two issues 'ago, M r. Fragola
submitted a "Nota Bene" to the Edi
tor of the N. C. Essay voicing his
objection to murmurings that the
Essay is "Fragola’s and Tickle's pa
per", and inviting all who opposed
the liberalism offered by Mr. Tickle
in his articles to make themselves
known, and welcome.
I offer the premises below to
the end that, in the interests of
freedom of dissent (since the con
servative seems to be the dessentive
faction within the School), a weekly
exchange of views might develop be
tween myself and Mr. Tickle.
I submit that free, unregulaced
lassez-faire capitalism is the only
politico-economic system within
whi«_h a basic requirement of the na
ture of man, the freedom of his mind
Lcui be recognized and maintained;
and chat any modification whatsoever
of the flow of capital in an open
market has as its epistemological
basis nouhing less than a moral ob
scenity—the employment of physical
force against one man for the "good"
of another, or an expansion of scope
into che realm of groups or ulti
This shouJd give Mr. Tic-xie
plenty of macerial for a rebuttal.
THE N.C, ESSAY STAFF
Co-editor & Review
Feature Writers• ■
, , Tony Senter
, ,Lynn Bernhardt
■ ■ I David Wood
Dance Editor ■ • iSandra Williams
Music Editor! i i i i iCelia Sparger
?olitical & Editorial I D. Williamson
Typists I Harold Ingram
, Becky Troxler
, Tess Morton
, Polly Crocker
, Marcia Steel
Layout■ , John Chapman
Advisor Anthony Fragola
Proofreader, , , ,
Design Editor, , , ,
Business Manager, ,
Production, , , , ,
The diagoi.al jet sucked itself into a cloud.
A big bird flapped into a tree.
And nobody saw, but me.
The horizontal set sucked themselves into a cloud.
A big band freaked out with tea.
And nobody cried, but me.
Look at Mr. Vertical!
I don't care for pot,
And all that other rot.
Life is much too painful to miss.
Upward, Inward, Outward, Downward
eyes for me...
Without shades, please.
For I will not suck myself into a crowd,
Nor cramp with weakened knees.
And nobdoy will cry for me.