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...sense, his action made outright devaluation only a change in a bookkeeping abstraction. It will take the form of an increase in the official price of gold-meaning that instead of refusing to sell gold for $35 an ounce, the Treasury will simply refuse to sell the metal for $38 an ounce. According to the agreement reached by finance ministers of the Group of Ten rich industrial nations, meeting in the Smithsonian Institution's old red castle in Washington, the dollar will be devalued by 8.6% relative to the price of gold. As a result, Americans will have...

Author: /time Magazine | Title: The Economy: The Quiet Triumph of Devaluation | 12/27/1971 | See Source »

...revenues from the Duchy of Lancaster, lands that Henry III seized from two rebellious barons in 1265. This revenue pays for the Queen's personal expenditures as head of state, including clothing (about $75,000 worth a year) and upkeep of Sandringham and Balmoral castles, which she owns outright...

Author: /time Magazine | Title: GREAT BRITAIN: Raises For Royalty | 12/27/1971 | See Source »

Saying the Unmentionable. The breakthrough came when the U.S. at last brought itself to offer two indispensable concessions. First, American officials pledged explicitly to drop the 10% import surcharge as part of a money bargain. Then Connally began talking about the previously unmentionable: outright devaluation of the once almighty dollar. For their part, moneymen from Europe and Japan started discussing just how much they would let their currencies rise against the dollar...

Author: /time Magazine | Title: The Economy: The Forthcoming Devaluation of the Dollar | 12/13/1971 | See Source »

...begins to exact reprisals, the younger Stamper men (Paul Newman, Michael Sarrazin, Richard Jaeckel) reply in kind. Theirs is almost a ritual defense against the onslaughts of contemporary society. Ultimately Sometimes a Great Notion is not so much concerned with politics as with freedom and the human value of outright defiance...

Author: /time Magazine | Title: Cinema: All in the Family | 12/13/1971 | See Source »

Pondering the mystery of love, Graves never fears to ask an outright question. One poem is called "What Is Love...

Author: /time Magazine | Title: Books: Long E in Greek | 12/13/1971 | See Source »

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