MONEY: AWelcome U.S. Initiative

MONEYMEN have never been short of ideas for a new global financial system to replace the old one that creaked to a breakdown last year. But the world has been drifting toward division into hostile monetary blocs for lack of political leadership to start the hard job of building a flexible system that would better encourage international trade, investment and tourism. Last week that initiative finally came—happily from the U.S. The Nixon Administration is in a strong position to push bargaining along because America is at last shrinking its gigantic balance of payments deficit (see chart).

President Nixon appeared before...

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