One of its priorities in talks with the Tories would be to ensure a commitment to maintaining the "unit of funding" per student.

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That design is being ditched for 2004 in favour of a more conventional unit, which underlines the team's commitment to future success.

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So while growth in the Fed's monetary base is overrated when it comes to currency values and inflation (base growth was the same in the '70s as it was in the '80s), the failure of the Nixon Treasury to clearly state its commitment to the Bretton Woods gold standard led to a falling unit of account.

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