Proble::n of the
balz.nce of payments
is a spc;cia l case of macro- ecor.omics , of the
old kind . Gresham ' s Law, the fact tha t good m oney goes out, is not independent
of other factors .
Present day ot:tflow of gold ha s not h:! ng to do with the cash holdings
JC( cc:r.rpoc; t=d of
because the cash doesn ' t flow out . One zc~~~x:kk a special situation.
The dollars go out of this cot:ntry and t hey come bc.ck to this country in
purchasing those t."lings...