Pakistan-Return to Civilian Government

THE critics of the United States in this country, whose numbers have multiplied so dramatically in the last two weeks, have seen the capitulation of the Nixon Administration on the issue of devaluing the dollar almost as retribution for its policies towards Bangla Dosh and the India-Pakistan war. Such is the mystique about the exchange rate of a currency! Fortunately there is more to exchange rates than national prestige which makes it possible, though still not easy, for countries to bargain about them. Proof of this is the slow but steady movement, now on the verge of completion, that we have seen in the last few months from one set of exchange rates for the world's leading currencies to another set after an interlude of floating rates.