Books: Will the Buck Stop Passing?

PAPER MONEY by Adam Smith; Summit; 335 pages; $13.95

George Washington, the incredible shrinking man on the dollar bill, warned against entangling foreign alliances. What would George think today? The world is knotted with defense treaties, trade agreements, international monetary plans; and each year $100 billion leaves his country in a cloud of imported oil smoke. This thunderhead of new wealth floats around the globe, threatening inflationary chaos wherever it hovers. Will it descend on gold, Beverly Hills real estate, Kansas farm land, New York coops?

Says "Adam Smith," pen name of George J.W....

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