At the outbreak of the first world war, investors sold dollars and bought sterling. It ought to have been the reverse, since Britain had declared war and the US was standing apart. But crowds rush to safety in a crisis — and sterling was then the reserve currency. Little did they guess that sterling would be undone by war debt.
第一次世界大戰爆發時，投資者賣出美元，買入英鎊。按理他們應該進行相反的操作，因爲英國已經宣戰了，而美國仍處於中立。但在危機中，人羣湧向安全港——而英鎊當時是儲備貨幣。沒人想到英鎊將因戰爭債務而崩潰。
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