Word: pounded
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Dates: during 1960-1969
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...land of the mod and the miniskirt is also the home of the mini-growth economy. Last summer, faced with mounting international debts, a critical gap between rising imports and diminishing exports, and growing skepticism about the value of the pound sterling, Britain's Labor government put the nation on a deflationary diet. Wages, profits and dividends were frozen; taxes were pegged high to dampen spending, and even a slight rise in unemployment was tolerated by a Labor Party that had always stood for full employment. Saddled with such restraints, Britons quickly became uncommonly economy-conscious. And they listened...
...eased from $974 million to $529 million as funds flowed in. As a result, Britain will be able to pay off debts amounting to $896 million that it owes the International Monetary Fund and foreign banks-probably before the December due date. Even more important, said the Chancellor, the pound has been restrengthened. As a result of Callaghan's speech, it rose to $2.80 in foreign-exchange trading last week, the first time in 14 months that it managed to reach its parity rate...
...Rhodesia gets all the oil it needs from its good friend-and embargo breaker-South Africa. It also keeps its export market alive through agents in South Africa, in the Portuguese colonies of Angola and Mozambique and in the black African nation of Malawi (see following story). The Rhodesian pound may have been declared worthless on world mar kets, but Rhodesian mines turn out enough gold to keep the country in international spending money...
...number three doubles, Appleby teamed with Jose Gonzalez to defeat St. Peter and Smith, 6-1, 6-4. Gonzalez, a tennis and squash powerhouse, had missed the Southern trip because of an ankle injury sustained on a skiing jaunt. And he still can't maneuver his 6-2, 210-pound frame well enough to play singles...
...economy living far beyond its means. Fueled by inflationary wage increases along with a demand for foreign TV sets, autos and other frills that Sapir calls sheer "gluttony," Israel's imports until recently have soared far beyond its exports. So large is its trade deficit that the Israeli pound is threatened with devaluation. In an effort to stave off that embarrassment, Sapir moved to cut consumption by raising import duties and holding down wages. He also tried to force more workers into crucial export industries by holding off on new pump-priming public-works projects...