Question for Leigh

["Gregoire de Nowell (ci-devant)" <GN842@xxxxxxxxxxxxxxxxx>]

Leigh--your last post is setting off some lights in my feeble brain.
Are you saying that the "decision to float" internationally in
the early 1970s actually implemented a worldwide system where
it was *agreed* by the principal players that when banks came
into possession of FX they would HAVE to get rid of it, so that
*by definition* the floating exchange rate system MEANS
acquirers of FX must get rid of it???  That there is perhaps
some kind of supervisory authority in foreign countries
which tries to insure that this is what happens?

Hoping for clarification,

Greg