WORLD MONEY: A More Equal System

When Richard Nixon tried to answer the inevitable question about which nations had come out ahead in the great monetary realignment, he said that "the whole free world has won." To that diplomatic assessment, his canny Treasury Secretary John Connally added: "I think everyone gave something, some perhaps more than others." Though the sweeping new deal in money was sensible, stabilizing and basically fair, few could resist extending Connally's game of economic Animal Farm one step farther, searching for nations that had become just a bit more equal than others.

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