Pic from Tractorstats.If any proof were still needed that the one eyed leader has not got a clue what he his doing, then here it is
The pound crashed to its lowest levels since 2001 today - down a staggering six cents, below $1.40 - as one of the world's leading investors declared: 'Sterling is finished'.
The weakness of the pound also brought a renewed slump against the euro, as the British government's second banking bailout appeared to have been written off as a failure, and against the backdrop of the Treasury giving the Bank of England permission to print more money.
Jim Rogers, co-founder of the Quantum Fund, the main hedge fund of George Soros, the man who broke the Bank of England in 1992, today declared: 'I would urge you to sell any sterling you might have.'
Speaking to Bloomberg news agency, he added: 'It's finished. I hate to say it but I would not put any money in the UK.'
Traders on the foreign exchange took Rogers and countless other bearish analysts at their word.
The pound crashed to its lowest levels since 2001 today - down a staggering six cents, below $1.40 - as one of the world's leading investors declared: 'Sterling is finished'.
The weakness of the pound also brought a renewed slump against the euro, as the British government's second banking bailout appeared to have been written off as a failure, and against the backdrop of the Treasury giving the Bank of England permission to print more money.
Jim Rogers, co-founder of the Quantum Fund, the main hedge fund of George Soros, the man who broke the Bank of England in 1992, today declared: 'I would urge you to sell any sterling you might have.'
Speaking to Bloomberg news agency, he added: 'It's finished. I hate to say it but I would not put any money in the UK.'
Traders on the foreign exchange took Rogers and countless other bearish analysts at their word.
**Well its not like anyone with any sense believes Gordon Brown!
Sterling crashed to $1.3884 against the dollar, a fall of 6.46 cents on the day. Against the euro, the single European currency was trading 2.44p stronger at 93.04p, with the pound valued ever closer to parity at just €1.2926.
In fact the pound was in reverse against all 16 major actively-traded currencies in the world as latest inflation figures saw economists predicting a stagnating economy in the UK would be further mired by deflation.
'The British economy is in deep trouble and investors are in no mood to hang around and wait for a pick-up,' said IdeaGlobal's foreign exchange head Maurice Pomery.
Other currency specialists warned there is now a real risk credit-rating agencies could follow their move on Spain and downgrade British sovereign debt, making it more expensive and more difficult for the Treasury to raise money on the world's capital markets.
All New Labour MP's are thieving lying scum, hiding their expense, expense paid for from our taxes. Part of a nomenklatura supporting a leader out of touch with reality.
Sterling crashed to $1.3884 against the dollar, a fall of 6.46 cents on the day. Against the euro, the single European currency was trading 2.44p stronger at 93.04p, with the pound valued ever closer to parity at just €1.2926.
In fact the pound was in reverse against all 16 major actively-traded currencies in the world as latest inflation figures saw economists predicting a stagnating economy in the UK would be further mired by deflation.
'The British economy is in deep trouble and investors are in no mood to hang around and wait for a pick-up,' said IdeaGlobal's foreign exchange head Maurice Pomery.
Other currency specialists warned there is now a real risk credit-rating agencies could follow their move on Spain and downgrade British sovereign debt, making it more expensive and more difficult for the Treasury to raise money on the world's capital markets.
**Even during the last Labour screw up in the 1970's I don't believe we lost that rating.
With official GDP figures at the end of the week expected to show the depths to which the UK economy has contracted, the rate of decline shown in today's consumer and retail price indices indicate, say the City, a lurch deep into deflation in the coming months.
With official GDP figures at the end of the week expected to show the depths to which the UK economy has contracted, the rate of decline shown in today's consumer and retail price indices indicate, say the City, a lurch deep into deflation in the coming months.
So lets see a policy of unlimited credit lending, stealth taxes, hiding spending via PFI, ignoring debt trading, over regulation and taxation on business as well as ignoring warnings off quite frankly everyone over the last 12 years has led to this fiscal clusterfuck.
Maybe Gordon will blame the last chancellor as other PM's have done in the past, remind me again who was that? Oh yes it was James Gordon Brown.
As I said earlier, the fat lady is singing!
All New Labour MP's are thieving lying scum, hiding their expense, expense paid for from our taxes. Part of a nomenklatura supporting a leader out of touch with reality.
.
0 people have spoken:
Post a Comment