Word: pound
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Dates: during 1960-1969
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...that the world's money system is not working smoothly. The affluent nations of the West are bickering with each other over the system's inadequacies and how they should be corrected; the poor nations are complaining that the system works to their disadvantage. Britain's money problems?the pound has faced crisis after crisis?have forced the country into a recession. Charles de Gaulle has hit at the U.S. by exchanging for gold the dollars that France has acquired, thus helping to force the world's richest nation to cut back its spending abroad to stem the outflow...
...details of both the Triffin plan and the French cru because both would completely displace the dollar in international trade, but it is now coming around to the idea of an international currency. Fowler insists that any new currency must supplement?and not supplant?the dollar and the pound. The dollar must maintain its position as the world's most important currency, cannot be devalued, must keep its role as a currency used in reserves. In his talks with Giscard d'Estaing, Fowler said that the U.S. might now favor a new international currency?but only after Giscard agreed...
...struggle to defend the battered pound, Britain's Labor government has not only borrowed heavily abroad but has severely cut back its whole welfare program in favor of the toughest clampdown on Britain's overheated economy since the early '50s. Purpose: to create a measure of deflation and thereby dampen Britain's appetite for buying more abroad than it sells, a habit that has upset the country's trade balance and contributed heavily to the pound's troubles. Last week, with stunning swiftness, the government began getting its way. The first clouds of recession...
...response to the news, prices slumped on London's stock market−and on Wall Street. One of the few cheerful notes involved the price of the pound itself, which remained steady for the second straight week without support from the Bank of England, thanks chiefly to the encouraging fact that Britain's trade gap for July fell to a trivial $2,800,000. There was some economic news to grin about too, including efforts by a big oil company to grab more of the country's gasoline market by hiring bikini-clad station attendants to give...
Stagnation or Default? The economic Battle of Britain is only beginning. The pound faces another crisis in the fall, when seasonally unfavorable trade figures are likely to trigger another run on sterling. The National Institute of Economic and Social Research last week warned that Britain, by crimping its economy to balance its trade, is likely to suffer a halt in economic growth...