MONEY: The End of a Gamble

THE Nixon Administration has deliberately stalled for nearly two months in seeking the necessary congressional approval of the dollar devaluation that it agreed to last December. Reason: the President and Treasury Secretary John Connally believed that they could use the delay to wring a few further trade concessions from Japan and the Common Market nations. It was a high-stakes gamble, since their plan ran the risk of undermining confidence in the entire new system of currency exchange rates worked out in the Smithsonian agreement. Last week that system began to teeter, and the Administration decided to take what it...

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