Word: pound
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Dates: during 1940-1949
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...series of reactions that would run through the world, canceling out many of the EGA-inspired recovery gains of the last year. Naturally, speculation as to how to check it runs through world capitals. There is renewed and insistent (but muffled) talk of devaluing the British pound as a means of regaining Britain's markets...
Unrealistic. The pound exchange rate is now fixed by Britain at $4.03. This rate has long been unrealistic in several senses. The easiest comparison is with free exchange rates in other countries. The pound now sells legally for $3.15 in New York and for $2.92 on the free market in Paris. These bargain pounds, however, cannot be legally taken into Britain (except for a ?5 tourist allowance), and cannot be used in open commercial transactions for British goods. A much better comparison supporting the argument that $4.03 is an unrealistic rate is the fact that $4.03 will buy more...
...postwar shortage of goods, the fact is that the overpriced pound was not a disadvantage. Buyers wanted the goods badly enough to buy, no matter what the price tags said. Now, however, world production is catching up with demand. Sellers have to compete because buyers turn away from the high price tags...
...domestic price level has been falling since last September. That means that a dollar buys more than it did last year. This, in turn, means that a pound buys still less, relative to $4.03, than it did a year ago. In other words, any British price tag, unchanged for a year, is now really higher because the dollars needed to buy the pounds to buy the article are worth more than they were before...
Freshman 150-Pound Crew...