The successor of the Keynes (British) and White (U.S.) plans for stabilizing postwar monetary exchange was last week announced to a sympathetic Congress by Secretary Morgenthau. This one is also only a plan— still to be formally drafted and not yet agreed to by any nation—but it is not one man's or one nation's idea. It was worked out by 100-odd experts of 34 nations. Its concrete proposals:

¶ An $8-billion international stabilization fund to which nations will subscribe quotas, depending on the size of their gold production and foreign trade. Approximate antes: U.S.,...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!