Courtesy Reuters

"The Bretton Woods system is dead." How often has that remark been made in the last year? Like most clichés, it blends truth and error and the problem is to know in what proportion. The ending of the dollar's convertibility into gold and its devaluation can certainly be taken to mark the end of the monetary system with which we have lived for most of the postwar period. But only some parts of that system worked as envisaged at Bretton Woods, New Hampshire, in 1944. Other key attributes developed quite differently. Whatever monetary system comes next-perhaps it will bear the

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