Abstract
In last month's World Events I quoted the Wall Street Journal (September 30, 1971) headline "Down With Dollars." The slogan was prophetic. Dollars are down, in three respects: (1) Inflation continues. In the American market the dollar buys less each month. (2) The dollar is no longer accepted as a universal reserve carrency, equal to gold in planet-wide financial transactions. (3) The dollar is no longer the arbiter of world politics, as shown in the October 1971 smashing United Nations Assembly defeat on the admission of People's China and the exclusion of Washington's client state Taiwan.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.
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