Word: pounded
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Dates: during 1960-1969
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...cold indictment has been drawn by Britain's creditors in the world. For the dozenth time since World War II, London finds itself caught in a cruel balance-of-payments squeeze that threatens the value of the pound and Britain's prosperity. Britain has always had to trade to live on the scale to which it has long been accustomed as a world power-and it has been notably unsuccessful in the postwar era in selling more than it buys abroad. No sooner does the economy get going than imports rise, the balance of payments goes sour...
...subject, faced the threat of losing touch completely with his middle-class suburban congregation. Although his opinions have not changed, Inbody no longer takes an active part in civil rights work. "I've had to take it easy," he admits. "I don't go out and pound people on the head any more...
...next day was a surprising Cabinet switch: Economics Minister George Brown, 51, the No. 2 man in the Labor Party, changed places with Foreign Secretary Michael Stewart, 59. Brown, a devout believer in economic expansion, had tried to resign four weeks ago when Wilson made the decision that the pound could only be saved by a drastic dose of deflation. Wilson talked him into staying on until the bill was assured of passage. Then Wilson rewarded Brown with the job he had asked for when Labor came to power two years ago: the Foreign Office...
...French reserves, compared with 73% at the end of 1964. Moreover, the government is squirreling away the precious metal at such a rate as to account for the entire net U.S. gold drain so far this year. Because France lost millions when the British devalued the pound in 1949, De Gaulle mistrusts keeping much of his country's reserves in either pounds or dollars. More than that, attacking the dollar helps him to reduce U.S. influence inside and outside France...
...tough measures, Wilson has not succeeded in restoring sterling to a strong, buoyant position. As a result, the talk in Britain among politicians and economists has turned increasingly toward devaluation of the pound as the only option left to Wilson if sterling comes under another severe attack...