The U.S. abruptly shucked its year-old policy of "benign neglect" of American currency abroad last week. It did so by permitting the Federal Reserve Board to go into the international money market to help raise the value of the dollar, and by serving notice that it would bolster its currency against further devaluation. This complex maneuver signaled a timely break with former Treasury Secretary John Connally's hard line of economic nationalism and a step by the U.S. toward greater cooperation with its trading partners in seeking to ease world money problems.
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