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That assessment represents a rare victory of reality over mythology. For decades, American statesmen and financiers have viewed devaluation as an unthinkable national humiliation and a devastating blow to the non-Communist world's financial system, which uses the dollar as the central trading currency. In fact, the dollar has long been overvalued, partly for reasons that reflect credit rather than blame on the U.S. American aid helped to revive Europe's war-shattered economies and create a mighty industrial power in Japan. Those actions reduced the U.S.'s dominance of world business, which the dollar...

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

...other two were both U.S. Presidents: Theodore Roosevelt in 1906 for the Treaty of Portsmouth ending the Russo-Japanese War, and Woodrow Wilson in 1919 for helping to establish the League of Nations. Other statesmen have won, but not while in office...

Author: /time Magazine | Title: The World: Prize for a German Peacemaker | 11/1/1971 | See Source »

...first statesmen to congratulate Kreisky was West German Chancellor Willy Brandt. That was particularly appropriate. Both men spent the war years in neutral Sweden, and both are committed to a reformist, pragmatic brand of socialism...

Author: /time Magazine | Title: AUSTRIA: The Ball Rolls Left | 10/25/1971 | See Source »

Though patterns were her favorite preoccupation, people's faces brought her the most fame. Bourke-White portraits of suffering slum dwellers or world statesmen showed the same deep sensitivity. Her persistence and unceasing quest for perfection once led Mahatma Gandhi to dub her "the torturer." Churchill scowled memorably for her; she coaxed a rare smile out of a stone-faced Stalin, she explained, by assuming "all kinds of crazy postures searching for a good camera angle." In World War II she became the first accredited woman war photographer. While covering Russian soldiers fighting the Nazis within 150 miles...

Author: /time Magazine | Title: The Press: The Great Achiever | 9/6/1971 | See Source »

...prostitutes and pickpockets merged for different kinds of commerce. Such restaurants as Au Pied de Cochon, Le Pere Tranquille and Au Chien Qui Fume lured socialites in white ties as well as butchers in blood-spattered white smocks, often as the sun was rising. Left Bank intellectuals, statesmen, artists and American expatriates like Ernest Hemingway and F. Scott Fitzgerald were all habitues of Les Halles' all-night eating places...

Author: /time Magazine | Title: FRANCE: Folding the Parasols of Paris | 7/12/1971 | See Source »

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