| Description | A cartoon strip. The first frame shows a muscular man wearing an Uncle-Sam style hat and a vest with the dollar sign on, laughing and kicking sand at three skinnier men wearing vests with the Franc, Pound and Deustchemark sign on respectively. In the next slide another muscular man appears wearing a vest labelled 'Mr Devaluation', saying 'Let me making an economic man out of you!' The next frame says 'Then, in 1971...' and depicts the men wearing the Franc, Pound, and Deutschemark vests as muscular, and kicking sand at a skinnier Uncle-Sam. The next frame says 'But...' and depicts Mr Devaluation saying 'let me make an economic man out of you!!' to Uncle Sam. The final frame says 'And so...' and depicts Uncle Sam lifting weights and getting fitter.
News: 2 Dec: The Group of Ten talks in Rome were adjourned. At one point during the negotiation Mr Connally, United States Treasury Secretary, suggested 10 per cent devaluation of the dollar against gold. In response some European Finance Ministers indicated that they would also devalue against gold. This showed the US their reluctance to allow the US to correct its dollar deficit by exchange rate action. ... [The Times] |