Word: bernstein
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...United Kingdom problems are world problems," Bernstein declared, since the United Kingdom is more responsive to world trade and finance than the United States, with its great internal markets...
...penny inflation," Bernstein said, rising at a rate of about three percent a year. He called for "bold efforts taken now" to preserve the historic position of sterling as a reserve area...
...Bernstein noted cause for hope in what he termed a "new world spirit of dynamism," and universal desire for rapid development and a consequent need for investment...
...Bernstein urged putting an end to Britian's "transitional restrictions" on free conversion of sterling into gold and dollars, since, he said, de facto convertability already exists in New York and Zurich. A reserve currency must be convertabile, he said. International institutions, such as the Monetary Fund, can combat drains on gold and dollar reserves, he added...
Cause of strain on the United Kingdom's reserves have come from the weak payments position of Britain and of the other countries in the sterling area and from speculation against sterling, he said. Bernstein attributed the poor payments position of sterling area countries also to inflation, and called for strict financial policies there as well as in Britain. fied, he said by the large amount of sterling held by non-sterling banks due to war payments to Europe and South America. When sterling is under pressure these banks tend to liquidate their holdings, he explained...