In February 1973, Paul Volcker announced a 10% depreciation of the dollar. It was the second such move in less than two years and a final blow to the appreciated dollar and the fixed exchange regime.

The respectable way to tell this story is to look at the dollar-gold parity. The inebriated way and somewhat more fun, is to look at the dollar-wine parity. Did Americans load up their cellars of French wine? Did they speculate on wine futures? Did the wine speculators understand monetary uncertainty?

Ad from the The New York Times, March 3, 1973, page 9.

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