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Newspaper
Decatur Daily
Location
Decatur, Alabama, United States of America
Date
Dec 19, 1971
Page
1
Finance chiefs from the ten leading non Communist nations reached a new system for money exchange rates. The agreement was announced in Washington and is aimed at stabilizing currencies and enabling smoother international trade. The move signals coordinated policy among major economies amid ongoing global economic concerns.
The Group of Ten lands a major monetary settlement, lifting the 10 percent import surcharge and moving toward currency realignments. Nixon and Connally announce a dollar devaluation tied to a $38 gold price, with per‑country rate announcements to follow as Congress weighs final action.
Reports from Dacca say at least 125 Bengali intellectuals including physicians professors writers and teachers were bayonetted garrotted or shot and left in pits outside the city. Razakar irregulars held them as hostages as the East Pakistan surrender neared. Local residents and mourners describe pits near a factory where additional victims were killed and bodies left in pools of water.
Economists and bankers praised the Saturday night currency realignments announced by the Group of Ten. Dennis Weatherstone of Morgan Guaranty & Trust Co called the plan a sigh of relief for planning, while Walter Heller welcomed four dramatic improvements and a better world currency alignment. Robert Triffin saw favorable U S implications and noted questions remain about long term effects and the settlement system.
A congressional committee report says inequitable currency exchange rates give South Vietnam a hidden U.S. subsidy of about 16 million dollars monthly, totaling roughly half a billion over three years. The House Government Operations Committee urges Nixon to seek equitable rates or cut economic aid.
Nurul Amin says he cannot accept appointment as prime minister and United Coalition demands Yahya Khan resignation. Bhutto emerges as civilian leader as India war ends. demonstrations, power transfers discussed with Yahya pledging transfer when Bhutto returns. Martial music and blackouts persist as tensions rise.
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