INVESTMENT: Danger of Creeping Controls

IN the wake of the international monetary system's recurring crises, European governments are erecting ever stricter controls on the flow of capital across national boundaries. The most recent furor, caused by Britain's decision to unhook the pound from a fixed value and let it fetch whatever the market will bring, has brought on yet another spate of regulations. Their purpose is understandable: to keep out the flood of homeless, speculative cash —much of it in irredeemable dollars —that can make a betting game out of currency values and disrupt nations' economies in...