Word: pound
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Dates: during 1970-1979
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...House of Commons. In the ominous tones he reserves for grave occasions, Wilson told the House of the "economic catastrophe" facing the country. To reverse the tide of inflation (running at an annual rate of 28%) and to calm the jitters of foreign creditors who had caused the pound sterling to hit an all-time low, Wilson formally spelled out the details of Healey's proposed new program of wage, price and dividend controls (TIME, July...
...welshed on the deal. One major union after another won pay raises of 30% and more; during the past twelve months, average weekly wage rates for manual workers rose 32.6%, leapfrogging ahead of the 25% inflation rate for the same period. Last week, after inflation had worsened and the pound sterling had hit a new low, Wilson and his Cabinet took a deep breath and finally scrapped the tattered social contract. Chancellor of the Exchequer Denis Healey announced that beginning with the September round of pay negotiations no wage increases above 10% will be allowed...
Back in London next day, the Prime Minister had to eat more than strawberries. On the foreign exchange, the pound opened at an alltime low of 29.2% below the value fixed by agreement with Britain's main trading partners at the end of 1971. One reason for the drop: nervous Arab depositors began withdrawing funds from London banks. Kuwait alone converted ?50 million into dollars in one day. A gentle slide of the pound had been viewed by many economists as a healthy means of erasing some of the trading disadvantages created by the differing rates of inflation between...
...situation is more threatening in other major capitalist nations. Britain, with its inflation roaring at 28% and its pound scraping an alltime low of $2.19, totters on the edge of economic collapse. To fight severe inflation, the governments of Italy and Japan are putting their peoples through the worst recessions in a quarter-century. Inflation in Canada is currently running at 10.1% and in Australia at 17.5%. Even West Germany, which has the most successful postwar economy, is wrestling now with inflation and unemployment...
...slapstick stooge. There's no question that Allen's stock formula has hit home to a lot of losers and tickled a lot of losers-watchers, but when you get right down to it, it's a pretty thin joke. There are only so many laughs to the 98-pound weakling dilemma, whether it's set at muscle beach or Martinique. And it is where Allen scrapes the dregs of slapstick gags that he is at his weakest. When Boris Grushenko, "the young coward all St. Pete is talking about," fumbles through basic training like a moldy replay of Modern...