Quotes About Devaluations

The drama of the final collapse of the gold-exchange standard would poison Anglo-American relations for decades. To the British way of thinking, Britain had been ignominiously forced off gold by selfish and short-sighted American and French policies: the Americans with their abominable import tariffs, and the French with their wretched devaluations. The Americans, for their part, saw themselves as innocent victims of an odious British default.

You then get into a period a few years ago, where a lot of external factors that we didn't have anything to do with did hit, and some of them at the same time... devaluations, weak economies, you name it, in various parts of the world.