Finance: Death of a Father

He loved the Washington social whirl, but complained that parties in the capital end too early. "People." he liked to say, "begin to tell the truth only after midnight." Per Jacobsson, international monetary expert, spent most of his life trying to get men and nations to face the truth before midnight—the cold, hard truth of fiscal discipline. With a rare talent for understanding politics as well as economics, he was a master of compromise—and a stickler for principle. When France's franc was faltering, he told the imperious Charles de Gaulle: "Mon général, you spoke about restoring the esteem of...

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