JOHN CONNALLY had talked so tough in recent weeks that the world's other Finance Ministers wondered if he would ever stop threatening and start negotiating. Last week he finally tempered his tone and began bargaining. At the long-awaited meeting in Washington of the 118-country International Monetary Fund, Connally dropped a hint that the U.S. was willing to give a little to gain a lot. That hint probably did more to advance the cause of real monetary reform than all the confused discussions that had been going on since President Nixon's famous Aug. 15 speech.
Until last week, Connally had indicated that...
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