Word: pounded
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Dates: during 1960-1969
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There have been 16 ounces (Latin undo) to the English pound (Latin pondus) ever since the Romans invaded Britain MCMXXII years ago. The yard is 36 inches long because England's Henry I (1100-1135) decreed that it should equal the distance from a man's outstretched thumb to his nose. Indeed the whole British system of weights and measures is fraught with tradition, and for that reason it is frightfully hard to work with, as generations of British schoolchildren, agonizing over gills, pecks and rods, have learned...
...discuss Latin America's economic problems and to weigh President Johnson's program to stem the dollar drain. On the Riviera at Cannes, the Common Market Monetary Committee, including a select group known as the Club of Six (see box), met to pass judgment on the British pound and Europe's growing inflation. In Basel, both the Bank for International Settlements and a subgroup called the Basel Club met behind carefully guarded doors to review Europe's most pressing monetary problems and to try to guess future trouble spots...
...most important meetings, however, took place in Paris, where top monetary men from 21 nations met as Working Party III to make one of the crucial monetary decisions of the decade: whether to advance a $1.4 billion loan to Britain to enable it to prop up the pound. Britain needed the money to repay the $750 million that it has already used out of the $3 billion lent it by central banks last November, when the pound was being attacked-and to provide a cushion that would make unnecessary any further drawing...
Cooling Crises. The Paris meeting highlighted the vast powers of the international moneymen, whose influence in world affairs has soared in recent years. A thumbs down to Britain's request would very probably have forced a devaluation of the pound, brought down the Labor government and had profound effects on the West's entire monetary system. When the moneymen speak, governments listen carefully. They practically forced the Wilson government to take restrictive measures, pressured the U.S. Government into steps to correct its chronic balance-of-payments deficit and helped cool the sterling crises...
Todd Wilkinson (eight) and Davis ) both won long three-setters. Dave and A1 Terrell, Harvard's fifth combination, impressively pound- Chip Boggs and Clinch Belser...