On the Scene: Money Makes the World Go Awry

Brussels THERE IS a delicious moment when currency systems break apart. At the instant just before total collapse, political leaders must get up and tell transparent lies. They must declare that the system is not breaking up, that their commitment to their currency’s strength is total, that everything is going according to plan. “The rules are working well—they are made for situations like this,” French Prime Minister Edouard Balladur declared just at the moment when the European Monetary System’s rules were collapsing.

EC leaders held crisis meetings to convey the impression that they were in control. Journalists, who tend to believe that the power is where the press conferences are, flocked. François Mitterrand, who believes that power is held by people with big offices, consulted with Helmut Kohl.

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David Brooks

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Brussels THERE IS a delicious moment when currency systems break apart. At the instant just before total collapse, political leaders must get up and tell transparent lies. They must declare that the system is not breaking up, that their commitment to their currency’s strength is total, that everything is going according to plan. “The rules are working well—they are made for situations like this,” French Prime Minister Edouard Balladur declared just at the moment when the European Monetary System’s rules were collapsing.

EC leaders held crisis meetings to convey the impression that they were in control. Journalists, who tend to believe that the power is where the press conferences are, flocked. François Mitterrand, who believes that power is held by people with big offices, consulted with Helmut Kohl.