Separating shadow from substance, myth from reality, is a perpetual problem in human affairs. Nowhere is this more apparent than in matters monetary. Here the most persistent myth is that there is an ‘international monetary system’. There is no such thing. The ‘system’ consists of all of us as we go about our daily business and in particular the bankers—official and commercial—of the leading industrial economies of the world and their foreign exchange dealers. Some 10,000 of these last dealing daily in forty currencies are the heart of the matter.
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