Word: ups
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Dates: during 1940-1949
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Cheaper Cars. With glacial firmness, Cripps had been saying for months that there would be no devaluation. Such statements were intended to bolster the world's waning confidence in sterling, but they failed of their purpose. Foreign buyers were holding up orders in hope of buying British goods more...
The "internal value" of the pound would be untouched-it would buy just as much as before of products made at home, or of imports from sterling areas. Imports from dollar areas would cost more-most importantly, wheat from North America. Since the British government could afford no added food...
In India, plain people learned the practical meaning of devaluation when a well-known dollar product, Ovaltine, shot up from 3½rupees to 5 in the bazaars.
China. Acheson and Bevin agreed that Chiang Kai-shek's government was beyond help and beyond hope, except for the hope that Russia might not be able to exploit the Communist conquest. Britain has heavier investments in China than the U.S. has; she is more eager to stay in...
Formosa. This island stronghold, still under Chiang's firm control, was given up in advance as lost. (This write-off outraged military planners who believe that if Formosa is lost, the U.S. position in the Pacific will be drastically weakened.)