Money: Aquarius in the Foreign Exchanges

After years of teetering precariously from one crisis to another, the international monetary system has begun to display surprising strength and adaptability. Late in July, members of the International Monetary Fund agreed to create a new form of money, called Special Drawing Rights, that will help finance the-continued growth of world trade. In August, France devalued the franc without causing any real tremors. Last week the value of one of the world's most important currencies, the West German mark, was established not by government fiat but by the free market.

The results...

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