MONEY: The Winners and Losers from Devaluation

ONCE upon a very recent time, only a banana republic would devalue its money twice within 14 months. But last week, when the U.S. did just that by cutting the value of the once almighty dollar another 10%, the step proved to be both internationally popular and politically easy. In contrast with the four months of testy negotiations that were required to swing the 1971 devaluation, only five days of whirlwind conferences were needed to bring about last week's large and surprising reduction—which made a total slash of 17.9% since December 1971....

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