Americans seem to have no idea of the bitterness with which informed opinion in Europe judges the American monetary policy of the last ten years; no idea of the disillusionment which it inspires in us. Thinking that our views are tainted with anti-Americanism, they tend to defend their policies merely as a reflex of national pride. The fact that a man like General de Gaulle, backed by one of the foremost monetary authorities of our time, Jacques Rueff (who has done for France what Einaudi did in Italy and Erhard and Vocke in Germany, i.e. restored economic order and sound currencies), has joined the European critics of American policy is hardly apt to disarm our American partners in such polemics.
Not enough has been said of this aspect of the dollar problem. One of its worst features is that it gives rise to such quarrels. Whenever an institution or policy brings the “geography of knowledge” into play, there is a strong prima facie case against that institution or policy.
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