Word: pounding
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Dates: during 1940-1949
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Britain's decision to devalue the pound came so fast that Western Europe's statesmen are still muttering angrily about not having been consulted. Last week London's respected Daily Telegraph told a detailed story of how the decision was reached...
With Foreign Secretary Ernest Bevin also in Switzerland for a rest cure, Prime Minister Clement Attlee was left alone to face Britain's mounting economic crisis. By the beginning of August, world confidence in the pound had fallen dangerously. Attlee sent Board of Trade President Harold Wilson to Switzerland to consult with Bevin and Cripps. Attlee felt a decision could no longer be postponed. Cripps was still against devaluation...
...onetime professor at the University of Nebraska, later a corporation lawyer with General Electric Co., and for the last three years dean of Vanderbilt University's law school, Coffman had good reason to be happy at his big premiere. As its chief academic attraction he had persuaded Roscoe Pound, retired dean of the Harvard Law School and revered in the field of jurisprudence, to serve as "visiting professor" at U.C.L.A. (Because he is 78 and far past U.C.L.A.'s retirement age, Pound signed up only on a year-to-year basis.) With Pound's assistance, U.C.L.A. expects...
...headlines. But compared to the importance of the news, most papers showed a commendable restraint. They followed the advice which Defense Secretary Louis Johnson gave reporters: "I warn you: don't overplay this." Many newspapers gave the story no more play than the devaluation of the pound. (The equally restrained attitude of London's newspapers was summed up by one Fleet Streeter, who made the obvious crack: "Now they've devalued the atom.") The New York Post Home News omitted the usual front-page baseball scores, solemnly explained later: "Fateful as the Yankee defeat . . . might prove...
...temporary solution. From Oct. 1, until permanent rates are set, all transatlantic fares-both ways-will be at the $350 rate, thus setting a new rate in London of ?125. But from London eastward to Cairo, New Delhi, etc., fares will remain unchanged at their old rate in pounds, francs, etc. That meant that U.S. airlines will have to take as much as a 30% cut in dollar fares to compete. On the sea lanes, Britain's luxury liners, a prime source of dollar revenue, promptly raised their pound fares at least 30% to keep their dollar intake...