Word: poundingly
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Like the Royal Navy and India, the pound had always been a jewel in the British imperial crown. But last week the government of Prime Minister Margaret Thatcher had to rush to rescue the once proud pound from sinking below $1 in value. The pound has always been something of an anomaly in international currency markets. While it takes several deutsche marks or French francs, and hundreds of Japanese yen, to equal one U.S. dollar, the British pound is the only major Western currency worth more than a dollar. In 1949 a pound was worth $4.03, and as recently...
...start of last week's currency trading, however, the pound had dropped to $1.1132 in London and only slightly more in New York, and it was sinking fast. Prime Minister Thatcher, an ardent champion of free markets, had always opposed official attempts to prop up a currency's value, but enough was enough. Said one minister: "No government sits on the sideline and lets its exchange rate disappear into the sea." On Monday the Thatcher government ordered the Bank of England to boost its prime lending rate from 10.5% to 12%, forcing corporate rates and home mortgages even higher...
...Margaret Thatcher is quietly "giving the modest stimulus to the economy that some of its critics are asking for." In fact, bank credit has been growing faster than monetary targets, yet instead of raising interest rates, the government for the past several months has been allowing the British pound to depreciate against the dollar and other strong European currencies like the German mark. But at one point last week the pound slipped to $1.12, and the Bank of England started raising some interest rates. The economic recovery has left untouched the 13% rate of unemployment. Brittan maintains that the government...
...Diet is going to become a lot less of an issue now they've got rid of the average weight of 125," says Lisa Zuckerman '87, a two year varsity veteran. "If the boat was over average, everyone would need to lose a pound. I remember a lot of people sucking down and getting really skinny...
...heart as a cumbersome device that doesn't give people the type of life they really need," observed Jarvik after the first successful use of the device. According to Jarvik, other improvements in the technology are on the horizon. The current heart, which weighs three-quarters of a pound, is too large to fit in most women's smaller chest cavities; its successor, the Jarvik-8, will ultimately be available in more than one size, including a streamlined model for people with small frames...