Sterling’s Past and the Dollar’s Future
US President Donald Trump says he wants to preserve the dollar's international role as a reserve and payment currency. If that's true, the history of pound sterling suggests he should be promoting financial stability, limiting the use of tariffs, and strengthening America's geopolitical alliances.
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TOKYO – In April 1925, a hundred years ago this month, Winston Churchill, in his capacity as chancellor of the exchequer, took the fateful decision to return pound sterling to the gold standard at the prewar rate of exchange.