Word: pound
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Dates: during 1940-1949
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...others: Nazi Propagandists Douglas Chandler and Robert Best; Army Deserter Martin James Monti, who became a Nazi Storm Trooper; U.S.-born Tomoya ("the Meatball") Kawakita, wartime interpreter in a Japanese prison camp; Mildred Elizabeth ("Axis Sally") Gillars. Indicted but never brought to trial: prizewinning Poet Ezra Pound, now in a Washington insane asylum...
...Great Britain, armed with last month's $4.03 to $2.80 devaluation of the pound, resumed her fight to wipe out her dollar deficit and thus get back on her feet economically. University economists found themselves in general agreement this week that devaluation should prove a big stimulus to recovery and that there isn't much Soviet Russia can do about...
...With a four dollar pound it was much less profitable for British sellers to export to the dollar area than to the soft-currency areas. the thirty per cent devaluation should now make exports to the United States just about as profitable as to the non-dollar areas," Smithies points out. "I doubt if anything besides devaluation would have worked. And without devaluation the United States either would have to continue subsidizing Britain beyond 1952 or else abandon her to wrestle with the financial crisis that would seem bound to occur...
Warburg Professor of Economics Gottfried Haberler, who handles Harvard's graduate course in International Trade, calls the pound devaluation a "courageous" move and thinks it has a good chance of completely wiping out Britain's dollar deficit by 1952, providing low British incomes don't force general wage rises...
...Much, Too Soon? In the U.S., there was a temporary spate of bargains in British goods. Many department stores reduced their British goods, bought at old pound prices, as much as 25% to clear them out in preparation for lower prices. But many of the new prices would not be anywhere near that low, and some would not change at all. Scotch distillers, who were already selling as much whiskey to the U.S. as they could make (3,000,000 cases a year), promptly upped their export prices 30% to cancel out the entire slash in the pound. Many another...