Earlier that Same Afternoon
Of course the American dollar had been the anchor of the Bretton Woods mechanism. But after some examination the decision to float the dollar was not totally irrational. Afterall the US has been fighting an energy sapping war across the other side of the globe and, as many expected, it felt economically exhausted. Like the domino effect European currencies had to float too. Concurrently the cost of a barrel of Saudi light crude was $1.93 in 1955 and in 1971 it was still only $2.18. Sorry folk I seem to have been hacked by an American economist. And not for the first time. The fish man arrived and l bought smoked haddock. For the recipe l envisaged (l had chanelled it through Fanny Craddock) l needed an egg timer. I hunted high and low, then realised it was his day off. So l contacted the dentist about next Tuesday's appointment. Then checked the cost of our proposed house insurance. However, as advised yesterday by the chiropractor, l relaxed and turned to Tony Judt. Tried, unsuccessfully, to get tickets for the Orkney Folk Festival.
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