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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