Word: pound
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Dates: during 1970-1979
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...Puerto Rico, Ford will be using a carrot and stick. The carrot will be the promise of the sort of support that led the U.S. to make available $2 billion of the $5.3 billion line of credit extended to Britain this month to help prop up the sagging pound, which has so far been successful. The stick will be the clear understanding that such financial support will be forthcoming for governments only on condition that they act swiftly to put their domestic economic houses in order...
...skyrocketing: one nuclear plant in Michigan that was originally budgeted at $260 million will wind up costing $1.4 billion. And though nuclear plants can produce electricity more cheaply than plants burning coal or oil, the cost is going up: the price of uranium fuel has leaped from $7 a pound...
Until recently, a grim joke among international moneymen was that British bankers were preparing a special Bicentennial gift for the U.S.: a pound worth $ 1.776. Two weeks ago, the laughter grew thin; sterling fell to $1.705, down from $2.02 as recently as March. The pound's collapse threatened to weaken the international monetary system and cast a shadow over the industrial world's quickening recovery. Then last week a spate of good news buoyed the pound. Its value climbed to $1.771 at week's end, raising hopes that the worst of the sterling crisis might be over...
...industrial nations agreed to intervene to keep money markets orderly, which could include support for specific currencies that were deemed to have sunk too low. For months the British argued that investors had overreacted to Britain's formidable economic woes and had left sterling undervalued. While a cheaper pound gave British goods a price advantage in world markets, it also kicked up inflation by making more expensive the huge amounts of food and raw materials that the nation imports...
Additional help for the pound came from Switzerland, which has been worried about losing export orders and tourists as a result of the rising value of its franc. Last week the Swiss moved to push the franc lower by making heavy purchases of other currencies, clamping a curb on speculative dealings, and cutting the central bank's discount rate from 2.5% to 2%-moves meant to make their franc less attractive for investors who want to flee sterling...