The Economy: The Advantages of the Unthinkable

THE greatest immediate result of the currency realignment will be to restore stability to world finance and end the danger of a global donnybrook in trade. Since President Nixon in August canceled the U.S. commitment to exchange dollars for gold, the values of several major currencies have been fluctuating, and uncertainty about where they would come to rest has held back world commerce. There was always a threat that in order to protect their own trade positions nations would erect beggar-thy-neighbor barriers against each other's goods and money.

Now the U.S. is in...

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