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Even had he got his figures right, Macmillan was almost certainly in a stronger position than he imagined. However tough the American stance, it was unlikely to be sustained to the point of allowing the downfall of sterling. The effect on the world markets, with so many countries holding sterling reserves, could easily have produced harmful fallout for the American economy. At the time of a Suez induced devaluation of sterling would have served Britain well. Apart from making exports more competitive, it would have increased the cost of imports, a welcome corrective for a country with a serious balance of payments problem. The price of oil would have to go up but, contrary to popular conception, cheap energy is not the sole detriment of economic growth. If there were many good reasons for ending the Suez adventure, the fear of financial Armageddon was not one of them. But tied as it was to nineteenth century economics, the British government was putty for America to mould as it pleased.