The Devaluation of the Pound

The much-publicized American-British-Canadian conference of early September produced very little but a complacent communique. If ever the mountain labored and brought forth a mouse, this was the occasion. One could not but be astonished that serious matters like the present British crisis could be treated in such a trivial way. And then, a week later, the explanation suddenly appeared: Sir Stafford Cripps. who for months had been pictured as an unyielding opponent of sterling devaluation, announced that the pound had been marked down by the large proportion of nearly one third (from $4.03 to $2.80). Here, then, was the remedy for the British crisis, a remedy apparently 50 sure and powerful that nothing else of importance need be undertaken.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website

Adversary · Computer security · Currency · Devaluation · Economic history · Economics · Epistemology · Media studies · Monetary economics · Nothing · Political economy · Pound (networking) · Pound Sterling · Sociology · Computer Science · History · Philosophy · Political and Economic history of UK and US