BRETTON WOODS
Sir,—Because 50 countries have signed the Bretton Woods agreement, it does not necessarily follow that it must be right. Everyone once believed the earth to be flat—but they were all wrong—and long years of such belief did not strengthen their case. That countries under Bretton Woods have not lost control of their monetary systems may be true in a sense, but would only prove that they have conformed (as they must) to Article IV, Sections 1 and 3, which stipulate that the par value of their currency Shall be expressed in terms of gold or the United States dollar, and to fluctuate only within 1 per cent, of its par value, with one possible variation to 10 per cent, by consent of the fund. We would lose all our gold in about five years. Where is the sugar coating, even for the super-optimist?— Yours, etc., FLAMBEAU. • April 18, 1955.
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Press, Volume XCI, Issue 27637, 19 April 1955, Page 15
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151BRETTON WOODS Press, Volume XCI, Issue 27637, 19 April 1955, Page 15
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