THE DOLLAR: At Last, A Hint of Reform

JOHN B. CONNALLY has won a reputation of being, in his own words, "a sort of bullyboy on the manicured playing fields of international finance." That puts it mildly. The Treasury Secretary's frequent advice in White House strategy sessions on how to deal with an adversary is "Let's kick him in the nuts." But the wavy-haired Texan also knows how to turn thoughtful money diplomat when he cannot avoid it, and last week he veered again in that direction.

Speaking in Manhattan to the Council on Foreign Relations, he announced that the U.S....

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