When President Nasser of Egypt nationalized the Suez Canal, the French and British response was to plot with Israel to got to war against Egypt. American threats to sell their sterling reserves, and Arab threats of oil embargo, forced a hasty and shamefaced British withdrawal, and a rethink about Britain's imperial future.
The newsreel used in class:
Further images and information, from a recent BBC documentary:
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Hi everyone!
ReplyDeleteSince I am not very good at economics, what would have been the possible impact on Britain if the Americans would have sold their sterling reserves? I suppose the British currency would have lost its value but is that right?
Thank you...:)