Word: pound
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Even if Wilson was being candid in his explanation, however, it did seem strange for him to resign just when currencies were in turmoil (with the pound dipping below $2 for the first time ever) and the British economy was afflicted with rampant inflation (23.4%) and rising (now 5.6%) unemployment. It would have seemed that Wilson would have wanted to stay at least until April 6 for the presentation of a new budget that will reflect his new austerity policy. But Wilson may have wanted to step down early so as to give his successor maximum time to build...
...term as Chancellor was less distinguished. Casting himself as a sort of monetary St. George, he led the costly and ultimately unsuccessful struggle to stave off devaluation of the British pound during the first Wilson government in 1967. At the time, one of his Cabinet colleagues complained: "Jim was a pushover for the treasury mandarins. He simply did not have the intellectual equipment to overrule their traditionalist advice." But Callaghan has a shrewd sense of grass-roots opinion, and in the words of one junior minister, he "knows what the ordinary bloke will wear and not wear." He enjoys more...
...first, Wilson's posture was relatively orthodox, especially his stubborn three-year struggle to stave off devaluation of that national totem, the pound. After the failure of that costly effort, Wilson more and more found himself locked in a battle with his party's leftists. Turned out of power in 1970, he began tending his frayed ties with the unions and the Labor left as he watched Tory policies lead to a confrontation with the unions that nearly paralyzed the country. In his election campaign of 1974 he promised to restore labor peace with a "social contract" providing...
...fashioned monetary crisis gripped Europe last week. Currencies wobbled, governments felt threatened, and the carefully worked-out international agreements aimed at keeping exchange rates stable seemed on the verge of collapse. The French franc lost 3.7% of its value against the dollar and the Italian lira 8.6%. The British pound, weakened by confusion surrounding the surprise resignation of Prime Minister Harold Wilson, continued to trade at record low prices. As anxiety began to shake the money of other nations, traders rushed to buy up strong West German marks. That left West German authorities struggling to avert a formal upward revaluation...
Cashin, smooth and experienced, seemed to blast each stroke effortlessly, all the while spinning the six-pound weight behind the ergometer furiously with each eruption of his legs and back. Brock, somewhat rougher in style but determined to beat Cashin, grimaced and hurled his weight in kind...