I witnessed terrible scenes in which states which needed to boost the external value of their currency agonised over losing markets, and states which needed to devalue were stricken by the fear of a massive incursion and a disorderly return of inflation.
Olin tunnistajaks ränkadele stseenidele, kus need, kes pidid oma raha väärtust teiste valuutade suhtes tõstma, ei soovinud seda turgude kaotamise hirmus teha, ja need, kes pidid devalveerima, kartsid omakorda massilist välisvaluuta sissetungi ja kontrollimatut inflatsiooni.