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Wine, Cigars, And The Plan To Fix The Dollar

James Baker announces the Plaza Accord on Sept. 22, 1985. David Mulford, the man at the center of today's show, is on the far right.
MARIO CABRERA
/
AP
James Baker announces the Plaza Accord on Sept. 22, 1985. David Mulford, the man at the center of today's show, is on the far right.

The world's biggest economies spend a summer plotting in secret, over French wine, to make the dollar worth much, much less.

You guessed it: The Plaza Accord!

On today's Planet Money, we tell the story of the 1985 deal — and reflect on what it says about today's currency wars, and about government efforts to set the value of money.

Subscribe to the podcast. Music: Mike Doughty's "I Hear The Bells." Find us: Twitter/ Facebook.

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