English Translation

6a The struggle of currencies The balance of a country is not an abstract struggle for its currency England dared not, tes; rather, it is closely connected with fate sowoh! to measure its gold reserves more strongly, since they should be preserved for the benefit of the financial management of the state, as well as for the extreme emergency. With the prosperity of the economy. A currency is a deterioration of the military and political situation and, if both factors are in good condition, there is therefore a deterioration in the trend in January 1940; it suffers if the foreign exchange control is necessary, by which the free is grieving one of the factors or if the exchange of sterling to foreign exchange outsiders has been hampered by unhealthy growth. As early as March 1940, further measures of the obligation to pay came into effect which threatened the world's balance of the pound. Accordingly, in times of war, the currency, naturally further downed: downthrowed, since they paid the pound, i.e. the stability of the currency, particularly under pressure from British exports of certain monopoly products, since public finances such as the economy of the British Empire (Whisky, furs, tin, rubber, occupation and a considerable threat to jute) no longer left their own British currency, their healthy, normal development, but are only in US dollars and also in. In wars, the currency fights for the country -- which is not actually in a positive sense compared to the pound as a noble valuta, but it fights valid Belga, Dutch guilders and Schwei- for its own preservation, for it: its own security in the storm of war events. Only indirectly can it destroy Franken. But also by the palpation of the validity the weakness of the pound could not be resolved by signs of external festivity and insubordination. All refinements of the methods of de- their position in relation to the opposing currencies, but especially against the foreign currency version affected by the war, meant a quaksalber on the currencies, to the victorious execution of the war-related pounds, to which this time in opposition to the action contribute. It may be in its attitude like wars 1914-18 the snjetions from the American sam a symptom, a measure for the state of credit is missing. The external value of the English of the military events and for the victory-out-of-the-counter currency, in accordance with the quotation of the freed of its country. Pounds in New Vork, fell abruptly; it reached on 28. May with 3.161/ Dollar a terrifying The bodice of the pound Kterling low. When the English government finally finds its way, all this has not only caught up in the measures to be taken in the first place, but has already shown, in sufficient detail, a slight recovery of the free pound with the present warring conflict of the fluctuations between 3.52 and 3.95 dollars reached Axis powers with the Western democracies. As the public on 7 June 1940 became fuller, we are witnessing the struggle which the Währungsen regulations — which, among other things, provided for the principal powers involved in the war - meant the ban on the sale of securities in England which have persons outside the Steling and Frank territories. In particular, the monetary representative of the Western powers, the English Pound, has been involved in this, also paid for the export of England to the USA. and showed Switzerland in their currency or an attitude that puts the English cause in the worst possible prognosis. official pounds and the introduction of a system of payment agreements and special agreements - but for: When England's declaration of war at the beginning of Septem- the hopelessly fighting pound was another one over 1939, the English government was a natural loss of prestige. The gradual strenghtening, in accordance with the aim of bringing together all the resources and reserves of the free sterling market, took its inexorable grasp and secure, which was at the same time progressing as a war disaster. The last stage in the elimination of the currency should give a backing. After international traffic, the ban on the confiscation of the gold and foreign exchange possession of Jn-fahrt from pound notes to England of the 21st of August was the first time in the English 1940, i.e. the official withdrawal of the Represen currency schematic — on the 11th of July. In September 1939, the English currency from the international currency already had the previously mocked and pledged D evisen be- payments, in which the English pound note once economicized. However, at first it was supposed to have taken a superior position. They still — the 'rightful' rebalancing needs of which now leads to the black stock exchanges with a trade and the Jndustrie without limitation by Disagio of 40 to 60 per cent, as far as the banks are satisfied for them. In the unfavorable at all find buyers, a sad design of the English sandal and balance of payments shadow existence. The fall and the flight from the sterling currency of England's world position could not be represented by the more impolite. On the part of those who wanted to maintain the fiction of a risk in value, it was not easy to keep the English currency unit tighter by the Irish currency points, to avoid a stronger listing of a fixed official exchange rate to the dollar, which would slide towards the free pound, which is only possible as long as England's financial reserves in New York were not consumed on the basis of 1 £ = 4.03 $ and the credit will of the United had formed. In the other Member States, which have not yet been able to do so at all, 8