Word: poundingly
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Dates: during 1960-1969
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Everyone had known since the devaluation of sterling four months ago that Britain would have to produce a tough budget this spring in order to re establish international confidence in the pound. But, as Britons discovered last week, no one had guessed quite how tough. In a commanding and convinc ing 135-minute speech, Chancellor of the Exchequer Roy Jenkins spelled out new fiscal measures that are the most se vere since the Depression year of 1930. They will levy on already heavily bur dened Britons a total of $4 billion in new taxes during the next 21 months. Said...
...billion last week, the thinnest gold line since 1936. If all the dollar holders demanded gold at once, there would be too little in Fort Knox to satisfy even a third of them. Already whetted, the speculative appetite for gold was only sharpened by the fall of the British pound last November...
Both as a diplomat and financial fire man, Schweitzer has carried IMF's prestige and power to a new eminence. Example: in 1949, when Britain devalued the pound from $4.04 to $2.80, the IMF learned about it only belatedly. Last year the British consulted with the fund for weeks before making up their minds how much devaluation to risk. Afterward, the IMF gave the U.K. a hefty $1.4 billion stand-by credit to help it get back on its feet. As one condition, IMF aides scrutinized and gave tacit approval to the draconian British budget introduced last week...
...gold tether. If the U.S. could no longer sell gold to all takers at $35 an ounce and the price were allowed to rise to meet the demand, the speculators stood to make a handsome profit, just as they had in the devaluation of the pound sterling last November. Having tasted blood then, many scented another kill -and, in their wild buying, ripped and clawed at the remaining gold stocks in the Gold Pool...
...international currency system, like any currency system, is grounded in confidence and mutual acceptability; the currency used must be freely convertible into real goods and services, "legal tender for all debts, public and private." The dollar and the pound sterling have served this function between nations since the Bretton Woods Agreement of 1944, which established the International Monetary Fund and the present system of semi-flexible exchange rates...