2010 Reprint of 1944 First Edition. In World Commodities and World
Currency, Graham offers a global analysis of the systems that could
reduce dangerous cycles of price instability in order to achieve
stability in a postwar economy. Graham, in an astonishing display
of foresight, shows how commodity reserves should play an important
part in any economic policy. Throughout the book, Graham maintains
that stabilization of commodities offers a comparatively simple
technique by which the world could achieve the fourfold objective
of foreign-exchange stability, reasonable price stability,
protective stockpiles, and -- most importantly -- a balanced
expansion of the world's output and consumption of useful goods.
Readers today will discover that this landmark book has timely
interest. In the aftermath of the Asian currencies collapse, and in
the face of the organization of the European Common Union and the
merging of European banks into a European Central Bank with one
common currency, Graham's warnings about the dangers of a floating
currency and his trenchant corrective prescriptions bear even
greater relevance than ever.
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