GREAT BRITAIN: Defending the Pound

It was a little bit reminiscent of England's finest hour. When 50,000 London busmen went out on strike last week, some officials gloomily predicted utter chaos. Instead, London recaptured its blitz spirit. In crowded Tubes, people stepped on one another's toes with the utmost amiability. Car owners met all sorts of interesting people by picking up hitchhikers, and one bowlered businessman came to work each day by water-scootering happily down the Thames. Commented Pub Owner Ted Wright: "I feel healthier—less diesel fumes around." Trumpeted the Daily Mail proudly: LONDON CAN TAKE IT!...