The lesson of the worst postwar money crisis is that the non-Communist world is running out of time in which to repair its financial system. The speculative explosion that tore through the banks and bourses two weeks ago demonstrated that permitting the system to lurch from one upheaval to another is no longer a workable policy. The world's financial and political leaders have two choices. They can unite on basic updating and reform of the rules that have promoted the free exchange of goods, tourists and money across national borders. Or they can retreat to competing...
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