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.
第一次世界大战爆发时，投资者卖出美元，买入英镑。按理他们应该进行相反的操作，因为英国已经宣战了，而美国仍处于中立。但在危机中，人群涌向安全港——而英镑当时是储备货币。没人想到英镑将因战争债务而崩溃。
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