Word: londoners
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Dates: during 1960-1969
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...album also proves that the group has genuine musical impact even when deprived of its visual flair. Last week in London, the boys prepared to follow up The Who Sell Out with what they hope will be an equally inventive recording. They need to. It is the only way they will convince serious listeners that they can break through more than just their instruments...
...Before the central bankers hammered out final details of the scheme in Basel, the signs of a monetary storm were all too evident. Buffeted by the Czech crisis and persistent clamor for an upward revaluation of the strong West German deutschmark (a move that was drawing money out of London), the pound had sunk to within a whisker of its post-devaluation low of $2.38¼ in foreign exchange centers. Harold Lever, financial secretary to the British Treasury and a key figure in selling the scheme abroad, noted: "If the agreement had not been achieved, there would have been...
...dollar, has long strained Britain's resources. Accordingly, the plan lifts some of the burden of maintaining a reserve currency from beleaguered Britain, shifting the cost to the multination Bank for International Settlements in Basel, as backed by the central banks of 13 industrial countries.* The London Times said approvingly: "Britain has placed the pound in the hands of the public receiver...
Some of the money will finance further withdrawals of the London reserves of sterling-area countries. But the amount has now been limited by individual agreements with Britain. If the British devalue the pound again, they will have to compensate their sterling allies for most of their losses. The bankers intend to give the British economy time to recover. If it does, the pound could possibly thrive again as a center of international finance. Even if it does not, a diminished role for sterling may help avert some of sterling's recurrent crises...
When Charles Dickens was twelve, his debt-hounded family yanked him from school and sent him to work in a ratty London warehouse where blacking paste was made. His ordeal lasted only a few months, then he returned to school. But, as Wilfrid Sheed notes in a preface to this brace of new fiction pieces, a sense of shock and abandonment stayed with Dickens the rest of his life. He could not even bring himself to mention the episode until 25 years later, when he wrote bitterly of "the sense I had of being utterly neglected and hopeless...