Britain: Defending the Pound

Before flying off to Washington, British Chancellor of the Exchequer James Callaghan had dinner in London with Groucho Marx. What did they talk about? Says Groucho: "We discussed the British financial situation." Groucho was not kidding: that topic is foremost in many a European conversation these days. Callaghan made his trip to Washington to counter persistent fears on the Continent that Britain faces a major economic crisis in the fall and to show that, even if that should happen, Britain has a powerful financial ally in the U.S. "They are more...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!