The harsh remedy of Britain's pound devaluation was beginning to take effect last week. The patients did not like it. Throughout the world, industry faced the fact that in the fight for foreign trade it would now have to compete for all it was worth with cheaper British goods. French Finance Minister Maurice Petsche proposed a Western European trade bloc to meet what he called British "commercial warfare."
By week's end, 24 nations had followed Britain in slashing the dollar price of their currencies. For some it was like pulling teeth. Belgium, with one of the hardest currencies in Europe,...
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