In Chapters 6 to 11 we dealt with the theoretical arguments for and against floating exchanges. The conclusion that emerges is that the theoretical case for the system is utterly fallacious and that, even viewed from a theoretical angle, it is entirely untenable. The present chapter investigates an all important technical aspect of the suggested system. The practical conclusion emerging from this investigation is so overwhelmingly important that it would turn the balance of argument against the adoption of that system even if the balance of theoretical argument were overwhelmingly in its favour.
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