Money: Toward Paper Gold

An accord arrived at in Stockholm last weekend moved the international monetary system another uneasy step away from disaster. Nine of the top ten financial powers of the non-Communist world reached agreement on the form of a new kind of international money — paper gold — to supplement dollars, pounds and real gold in bank rolling world trade and investment. France refused to go along.

Some agreement was crucial as part of the effort to restore confidence in monetary arrangements, lately shaken by the gold crisis and buffeted by wrangles over the future role of gold in global finance. What...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!