Monday, September 26, 2016
Chomsky heart attack
Repeated so often that it seems true, is the mantra that lower sterling helps exports, even though the manufacturers in the UK are free to set their own prices... I looked at gbp yen today and its 130, i have never seen it so low, and I just wonder what is the point of transferring all the purchasing power for uk assets to foreign currency holders abroad? how can it possibly help? the UK from previous (and ongoing) asset sales now has a persistent current account deficit but the boe keeps on going..and they will -keep on- going until they are forced to respond to a wage spiral but because their cr*ppy policies don't work we won't get one. i have given up on sterling its the most useless currency in the world.