Good sense sometimes makes the most thundering heresy. Example: Canada's new floating dollar. At its old fixed value of 92.5 U.S. cents, the currency was clearly undervalued; foreign money was pouring into Canada and aggravating an inflationary trend. Yet Canadian officials did not want to try to guess what official price would be right. So they decided last week to let the Canadian dollar sell for an indefinite period at whatever price foreign moneymen would pay (which by week's end was just under 97 U.S. cents). The move followed the example of West Germany, which last fall let the...
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