International: Flown Dollars

Dollars sank last week to the lowest level since the U. S. quit the gold standard —65¢. Because President Roosevelt had not yet seen fit to devalue the dollar, the price is determined by supply & demand in international exchange. And because the U. S. has a 'favorable trade balance, demand is normally greater than supply. Whence the dollar flood that has eaten away 35¢ of every 100¢ in each U. S. dollar since last April? Continental money-changers, canniest of whom are reputed to be "the Greeks," delight in selling dollars short, but bankers know that that accounted for only a...

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