While striving to keep the peace and maintain its own prosperity, the Western world in recent months has faced an unusual series of crises and alarums involving its monetary system. The pound has been attacked, the dollar's value questioned; gold is again and again the subject of debate. To narrow its payments gap, the U.S. has had to slash its foreign lending and investment—and has done it so successfully that many Europeans are now worrying about a money shortage. The latest development came last week when Britain, in an effort to correct...
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