Word: british
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Dates: during 1940-1949
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...internal value" of the pound would be untouched-it would buy just as much as before of products made at home, or of imports from sterling areas. Imports from dollar areas would cost more-most importantly, wheat from North America. Since the British government could afford no added food subsidies, consumers would pay the difference. Within a fortnight the price of bread would go up from 4? pence to sixpence. Experts predicted that the British cost of living would rise 5% in a few months...
Dearer Ovaltine. The British move touched off convulsive reflex actions around the fiscal world. (To cushion the shock, British banks and exchanges were closed for one day; other countries declared similar holidays.) All the dominions devalued their currencies in proportion; Canada, a dollar country, devalued its dollar 10%. In the colonies the readjustment was automatic. Ireland, Egypt and Israel brought their pounds into parity with Britain's. Norway, Denmark, Finland, Iceland, The Netherlands and Sweden made devaluation moves...
...French, who had not been consulted in advance, the British move seemed a unilateral slap at "European unity." Since the French had already devalued several times, they now cut the franc loose to find its own dollar value on a free market, expected it to steady at about 350 to the dollar; but they would peg the franc again if it went beyond that...
...beyond hope, except for the hope that Russia might not be able to exploit the Communist conquest. Britain has heavier investments in China than the U.S. has; she is more eager to stay in business there, despite the fact that the Reds have killed Britons and shot up British ships in the Yangtze River. The U.S. and Britain agreed that in making deals with the Communists, they would look out for each other's interests...
...Guff. His Excellency the Right Honorable Sir Oliver Franks, Knight Commander of the Bath, Commander of the Order of the British Empire, arrived at Washington. He did exceedingly well at one of the key posts of the postwar world. Anglo-U.S. cooperation is the cornerstone of the peace, of the effort to restore and extend prosperity and of the defense of the West against Communism. The roots of this cooperation strike deep into the histories of the two peoples. But friendship between nations, like marriage and moneymaking, requires attention to detail. As one U.S. State Department official expressed...