Word: pound
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Dates: during 1960-1969
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Jack Daniels, in the 147-pound class, Ed Franquemont, 157, and Chris Wickens, 167, took third places. Heavyweight Tack Chace was fourth in his talentladen division...
Thanks to a $3 billion, eleven-nation bailing-out operation backed by the U.S., both the pound and the Prime Minister managed to survive. But the lesson of Wilson's first major crisis may be felt for many times 100 days...
...discount rate from 3-s% to 4% in response to a hike in the British discount rate-the interest that central banks charge their members-the Federal Reserve Board showed how closely interwoven have become economies that are oceans apart. By helping to rescue the faltering British pound (see THE WORLD), the U.S.'s money managers demonstrated how tightly bound together are the fates of the Western world's two major currencies. "It was an orderly operation all the way," said William McChesney Martin Jr., chairman of the Federal Reserve, "and showed that the bankers' international contacts...
With Resignation. The U.S. had little choice but to do what it did, and it moved with skill and speed. The British raised their discount rate from 5% to 7% to strengthen the pound against banks and corporations that were dumping it in fear of possible devaluation, and against speculators who sold short in the hope that the pound would be devalued and they could later buy it back at depressed prices. The rise meant that the British rate would be twice as high as the 31% U.S. rate, and, as one Swiss banker put it, "7% would drag money...
...Most Daring. If the U.S. had to pay a price for the protection of the dollar-and only time would tell just what that cost to the economy would be - it was also moved by self-interest in coming massively to the aid of the pound, which continued to weaken de spite Britain's rate hike. Had Britain been forced to devalue the pound, the resulting chaos might not only have snarled world trade and weakened the West, but would almost certainly have undermined the dollar as well. It was clear to the Americans that they...