The U.S. presented last week its own tentative plan for stabilizing postwar exchanges and promoting world trade. The American proposal was the answer to British Economist John Maynard Keynes's plan for setting up a postwar International Clearing Union (TIME, April 5).
The American plan would create a $5 billion stabilization fund, backed largely by gold. The fund would have power to fix exchange rates and to regulate exchange transactions, with the U.S. retaining effective veto power over its decisions. Author of the new proposal was the Treasury's hard-working economist, Dr. Harry D. White.
First international reactions were anything but reassuring. U.S. Congressmen...
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