The Economy: The Forthcoming Devaluation of the Dollar

THE world money crisis has often been compared to high-stakes poker —a game in which Richard Nixon is coolly expert. According to one theory, he and Treasury Secretary John Connally have been waiting for other nations to play their cards before showing the U.S.'s hand. Under pressure at home and from abroad, they decided last week that the psychological moment had finally arrived. As a result, serious bargaining began over a sweeping new set of values for the dollar and other currencies.

The dealing took place in a meeting of the Group of...

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