Money: Waging the Gold War

Gold—and the U.S.'s steady loss of it—has been the prime preoccupation of the free world's financial strategists since John F. Kennedy declared repeatedly in Europe last month that "unless we master our gold problems, they will master us." Last week, under pressure from European financial leaders who fear that the continuing gold drain could start a worldwide deflationary cycle by further undermining the dollar, the U.S. took three actions. It set higher interest rates on short-term borrowing, put indirect controls on longer-term exports of U.S. money, and surprisingly indicated a readiness...

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