The Economy: Money: The Dangers of the U.S. Hard Line

THE issues in the international monetary crisis are too complex, and the divisions between the U.S. on one side and Europe and Japan on the other too deep, for anyone to have expected a full resolution to come out of last week's series of meetings among international moneymen. There had been hope, though, that at least some hard bargaining could start. Instead, the key meeting, a midweek gathering in London of finance chiefs of the world's ten richest industrialized nations, deteriorated into a testy confrontation that left the officials unable even to agree...

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