The Economy: Stanching the Flood

The dollar-bolstering campaign that President Johnson sprang on an unsuspecting world during the first day of 1968 was conceived in secrecy worthy of a major military maneuver. Even as Johnson was winging around the globe last month, cables were flashing between Washington and his silver-and-blue jet, Air Force One. In all, about 50 people — from the White House, the Commerce, Defense and Treasury Departments, the Federal Reserve and the Council of Economic Advisers—worked on parts of the package, but only ten or so knew its full dimensions. When the finishing touches were finally completed, newsmen were summoned to...

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