Word: pounded
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Dates: during 1960-1969
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DeGaulle's "fancy gamesmanship" and the devaluation of the English pound pose no serious threat to the stability of the American dollar, Richard E. Caves, chairman of the Economics Department, said in an interview yesterday...
...Panacea. Only twice before in the 20th century have Britain's economic troubles required a devaluation of the pound, and both times the step was taken by Labor governments. Britain's first devaluation was in 1931, when it went off the gold standard in the midst of the Great Depression; that move forever tarnished Labor Prime Minister Ramsey MacDonald's image in his party. The second was Attlee's in 1949, when none other than Harold Wilson, then head of the Board of Trade, took a major part in planning the devaluation. Properly done, a devaluation...
...Save the Pound." When Prime Minister Harold Wilson and the Social ists took power late in 1964, the pound was in one of its deeper malaises. Before he took office Wilson had warned the Commons that "devaluation would be regarded all over the world as an acknowledgment of defeat, a recognition that we are not on a springboard but a slide." Still, there were those who argued, and last week saw their arguments vindicated, that Wilson's first act as Prime Minister should have been devaluation. He could justifiably have laid the blame on 13 years of Tory mismanagement...
Purely Domestic. Having sworn so long to defend the pound against even the idea of devaluation, Harold Wilson gave plenty of new ammunition to the Tories when he broke his word. Tory Leader Ted Heath greeted the news by saying, "I utterly condemn the government for devaluing the pound," but Quintin Hogg, the Tories' shadow Home Secretary, made a more telling thrust: "People are angry and humiliated by this decision," he said. "At last they will realize that the Labor government cannot govern with its financial policies...
...Larger Market. The ripples of the pound's plunge inevitably reach far beyond Britain. The U.S. had long pressed massive loans on Wilson in lieu of devaluation because it feared the effect on the dollar. "If it can happen to sterling," observed one Treasury consultant, "people are sure to ask, can't it happen to the dollar too?" Some probing speculation against the dollar this week seemed likely...