Brown Alumni Monthly, Vol. 72

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Excerpt from Brown Alumni Monthly, Vol. 72: April, 1972 Prior to August 15, the Administration had ignored the deficit on the ground that it was a foreign problem. In this view, our balance of payments deficit meant the wrong exchange rates were in effect and the foreign price of the dollar too high. For only foreign central banks can decide whether they are accumulating too many dollars. If they so decide they can lower this price, since the us. Does not set the international value of the dollar. Each foreign central bank (except Canada, which has a free ex change rate) sets the value of its own currency with re spect to the dollar. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.