After five years of haggling, the ten major financial powers of the non-Communist world agreed last week in Paris to introduce an international money: paper gold. Called Special Drawing Rights, or SDRs, the new reserves will reduce nations' dependence on the diminishing supply of real gold in global finance and create new assets to sustain the growth of world trade. The SDRs will exist only in the ledgers of the International Monetary Fund. Its 111 member nations will be able to draw on these reserves to settle accounts among themselves, and central banks will have to accept them, just...
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