THE collapse of the dollar in April 1933 took the world completely by surprise. The number of those who could claim to have seen it coming was incomparably smaller than that of the prophets who had foretold the fall of sterling in 1931. It is true that from time to time since October 193 I there had been spasmodic flights from the dollar, but this was not due to any definite anticipation of its collapse. Most of those holders of dollars who transferred their funds were, in fact, convinced that the odds were at least ten to one on the gold standard being maintained. Times were such, however, that few people cared to take even this fractional risk.