When the finance ministers and central bankers of 68 nations gathered in Washington last week for the annual meeting of the World Bank and International Monetary Fund, they got a stern if fatherly lecture from U.S. Treasury Secretary Robert Anderson. Anderson underscored what the delegates already knew: the U.S. is suffering from a deficit in its balance of payments that is causing an outflow of gold from the U.S., steadily raising the amount of U.S. gold earmarked for European nations. The time has come, said Anderson, for the rest of the world to give...
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