ECONOMICS: The Quiet Crisis

Some international crises get into the headlines and some, no less real, hang quietly and ominously in the air. One of the quiet sort is now building up. Until a few months ago Britain's recovery was one of the most hopeful signs in the world picture. In April, British exports to the U.S. dropped 38% below March, widening the famous "gap" between what Britain has to pay out for dollar imports and what she can sell for dollars.

Unchecked, this trend could set off a series of reactions that would run through the world, canceling out many of the EGA-inspired...

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