MONEY: Dollar Skeptics

Like a dental patient who worries that one shot of Novocain will not get him through the drilling, international moneymen last week warily eyed the second dollar devaluation in 14 months, skeptical about how long its crisis-numbing effects would last. At week's end the signs were discouraging.

In Washington, Federal Reserve Board Chairman Arthur Burns announced bravely, "As far as I'm concerned, this is the last devaluation." Many speculators clearly did not believe him. Bursts of late selling drove the dollar's price down against the Swiss franc, Dutch guilder and Italian lira. Through Wednesday, the West German Bundesbank found enough buyers...

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