At 4 o'clock one sultry morning, Havana radios started droning out the latest directive from Cuba's Communist government. The nation's currency was being changed. During the next two days, Cubans must hand over their old pesos—all of them. In exchange, they would get a maximum of 200 new-style pesos in cash, with the rest "credited" to their names in a government-controlled "bank account," from which from then on they might draw 1,000 pesos after a week and no more than 100 pesos per month. All old pesos were declared worthless.
Fidel Castro explained that it was necessary to "fortify our...
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