Money May Become Useless In Castro's Cuba
In Cuba under Fidel Castro the state aims to supply workers with necessities, diminishing money's role. Some sectors offer free meals lodging and clothing. salaries exist but buying options are scarce. A 20 year old grapefruit packer on Isle of Pines earns 75 dollars monthly plus in kind benefits while a construction foreman nets 180 dollars and extra duties. Shortages and a growing black market shape daily life as overtime pay and tips are discouraged by the Communist party.
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International trade woes spark fiscal concerns
New York AP reports that global trade imbalances threaten economies as nations seek to boost exports and curb imports. Britain devalued the pound to 2.40 dollars after a run of high foreign bills, while France faced higher costs from wage increases, reducing foreign demand for its cheaper goods.
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