The Primary Result Of The Jamaica Agreement Was To

The mis-orientation of exchange rates and the resulting accumulation of dollar balances, which quickly exceeded U.S. gold inventories, caused increasing tension in the monetary system. The dangers have not only been recognized in academic circles. When the author arrived at the Fund`s headquarters in early 1969 to begin his new duties and pay tribute to the members of the Executive Board, his visit to Mr. Kafka was interrupted by a telephone call. The British director of Brazil had agreed to give a speech in a few weeks. What would be its subject? „Oh,” Herr replied. Kafka with his usual unwavering humor, „the threat of collapse of the international monetary system, I think.”

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