Magazine content is available exclusively for TIME subscribers.Essay: THE DOLLAR IS NOT AS BAD AS GOLD
MEN are largely motivated by three basic desires—food, love and money—and of these, the least understood is money. Even Lord Keynes said that the agreement for the world's "gold-exchange" monetary system, framed 24 years ago at Bretton Woods, N.H., sounded as if it had been written in Cherokee. But beneath the current confusion of talk about payments balances and gold flows, just about everybody realizes that something is wrong with the international system of money and gold. The time has come, if not for sweeping reform, at least for searching reappraisal of the...
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