The U.S. has been troubled for so long by inflation and balance of payments deficits that European money markets respond with knee-jerk nervousness to almost any news about the dollar. Thus, last week, the latest word from Washington sent money speculators scurrying to the major exchanges. Cause of all the excitement was a report issued by the Congressional subcommittee on international exchange and payments. Committee Chairman Henry Reuss of Wisconsin and his colleagues suggested that the U.S. dollar should be devalued —preferably by an upward revision in the price of strong currencies like the West German Deutsche Mark. Short...
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