EUROPE: Black Magic

Like every other commodity in Europe, money is bought & sold on the black market. Through a series of "black" transactions, a man with flexible scruples can pile up a handsome profit. Required for the trick are 1) the false bottoms of inflation and 2) a well-organized international set of stooges. Last week, TIME's London bureau found a traveler who had just returned from a cheap weekend tour of the continent.

One. The monetary magician set out from London with a starting capital of £75 (the legal maximum which may be taken out of the country), after being well briefed by...

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