Dollar Commonwealth

Abstract

For some international money investors, the late 1970s could have been described as the ‘Great Deflation’. An Italian, whose favoured money was Swiss francs and whose monetary wealth was held predominately in francs, would have perceived a falling price for the Italian shopping basket. Possibly less than 100 miles distant, in Geneva, a less fortunate investor may have experienced the worst inflation of his lifetime. A Geneva resident whose favourite money was US dollars would have perceived a rocketing price for his shopping basket.