CONVERTIBILITY: A Giant Step Toward Free Trade

IN the past two years the financial strength of the free nations of the world has grown remarkably. Europe is now strong enough for the biggest and riskiest financial step since the end of World War II: free convertibility of currencies.

Convertibility is a jawbreaker with a simple meaning. With convertible currency a man who earns money in foreign trade can change it into any other currency, spend it where he likes, without any restrictions. Convertibility would do far more than profit individual traders. Freeing currency and commerce from controls and restrictions would be the greatest spur to world trade...

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