Canada last week set the Canadian dollar completely free. By cabinet decision, all foreign-exchange controls were abolished and Canada became the first controlled-currency country to abandon money restrictions imposed during and after World War II.*
Canadians may now spend their money anywhere—to travel, to buy & sell, to invest in stocks and private businesses in the U.S., in French champagne, Brazilian coffee or Russian caviar. Canadian businessmen can trade their goods in any country and convert foreign currency at home. Foreign investors, whose prewar investments have been frozen in Canada, can now get them out.
The decision to end currency controls...
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