Since statesmen of the Great Powers, led by President Roosevelt, have now succeeded in befuddling not only their publics but also themselves and the world's leading bankers as to the real value of ''money," there was legitimate confusion and alarm last week when England's paper pound slumped in a single day 1½% against bar gold, the only absolute in a now definitely mad monetary world.

Groaned Pundit Walter Lippmann in concert with many another:

"The signs are multiplying that the stage is set for an event of worldwide importance and of unpredictable consequences. . . . It...

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