Foreign exchange was mysterious business even when the dollar was a dollar and the mark a mark. Today, what with the sum total of the world's defaults, devaluations, regulations, restrictions, registrations, quotas, permits, impounded balances, standstill agreements, stabilization funds or the lack of them, money-changing is a nightmare. Foreign exchange traders are probably the coolest, shrewdest, most tireless and nimble-witted crew in the world, but the Paris correspondent of the New York Times last week declared: "The extraordinarily complicated character of the present situation seems...
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