Word: pound
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Harvard will lack the services of their 134-pound strongman, Carl Biello, who injured his shoulder in practice nine days ago. "A win in Biello's category is essential if we are to beat BU," Lee said, "Most of our matches look like toss...
Tyrell Hennings is a muscular 205-pound fullback, but when I first met him, he weighed in at a scrawny 130. We went out for freshman football together at Chicago's South Shore High School, and Tyrell played second-string quarterback. We played four years of ball together, and he was never to play second fiddle again...
...entirely bad for Britain, the pound's fall has helped to compensate for the rise in British export prices in the past year. But, as speculators rushed out of the pound and into stronger currencies, the pound's weakness threatened to unsettle the whole network of currency-exchange rates that was stitched together in last December's Smithsonian Agreement. For the sake of stability, Britain's Common Market partners-to-be last month urged Heath to make a modest formal devaluation quickly. Rumors circulated that Heath had agreed, but only on condition that the pound be pegged...
Heath has stabilized this situation for the moment; on the news of the wage-price freeze, the pound strengthened to $2.36. The British also have now taken the European lead in fighting inflation. Before the British freeze, Common Market finance ministers had met in order to cobble together an anti-inflationary package for Europe, but agreed chiefly to restrain budgetary and credit increases in their own countries, to cut some farm tariffs temporarily and to encourage more competition among businesses...
Heath's freeze sets an example for tougher action, and Americans will be watching it closely. If the British cannot cure their inflation, the pound most likely will continue to decline. If it falls too low other nations, particularly Italy, might make competitive devaluations. A string of devaluations would undo much of the advantage that U.S. foreign traders gained from last December's currency realignments...