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The man who molded Chicago's Merc

from The Wall Street Journal

In 1939, Leo Melamed learned about the power of financial markets in a bakery in Vilnius, Lithuania. He was 7 years old, trying to use Polish money to buy a loaf of bread. Though Lithuania’s government had deemed the two countries’ currencies equal in value, the baker informed Mr. Melamed that he’d need two Polish zlotys for a loaf that cost one Lithuanian litas. more


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