THE ECONOMY
The dollar's steadiness in money trading last week was a tribute to its role as the basic currency of the world monetary system rather than to the international strength of the U.S. economy. At week's end, the Treasury disclosed that the U.S. balance-of-payments deficit rose in the second quarter to $3.8 billion more than double the dollar out flow of any previous quarter.
The figure was heightened by a book keeping fluke. Americans have been making large deposits of dollars in Eu rope, where they have commanded interest rates as...
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