Upheaval in World Money Structure
Conference to Revamp Global Monetary System
The monetary crisis of 1973 has left Americans with a renewed appreciation of the fact that their economy is not a closed system; it is prey to forces far beyond Washington's ability to control. International trade and investment over the past quarter-century have so interlocked the economies of industrial nations that the actions of one affect all the others. A complicated network of banks and businesses can move fabulous amounts of money out of one domestic economy and into another, sometimes with an adverse impact on both. Devaluation of the dollar on Feb. 12, the second in 14 months, proved that the United States was no longer immune to these events, if it ever was. ...