Like watching a newsreel run backward, delegates from 23 nations have been meeting in London, threading their way through the financial tangles of two global wars. Phrases that were headlines a quarter-century ago (Dawes Plan, Young Plan, Hoover Moratorium) ran through their talk as they sought a way to settle Germany's $6 billion foreign debt. The problem, said U.S. Delegate Warren Lee Pierson, T.W.A. chairman and an old hand at international financial powwows, was "probably the most complicated in financial history." Last week, at a press conference in Manhattan, Pierson announced...
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