The Times is reporting that offering £60 at the airport to be changed into euros, their reporter was told. "if you give me another 65 pence I can give you 60 euros."
It would be nice if we stop at parity but perhaps we will just wave as it flashes by on our way to hyper-inflation and demonetisation.
skip to main |
skip to sidebar
'I saw the angel in the marble and carved until I set him free'
About Me
Posts
Heroes
- Axel Leijonhufvud
- E.E.Evans-Pritchard
- Edmund Leach
- Francois Couperin
- Joan Robinson
- John Maynard Keynes
- Louis de Soissons
- Mario Draghi
- Noam Chomsky
- Pablo Picasso
- Paul Klee
- Pietro Porcinai
- The Earl of Onslow
- Umberto Boccioni
- Wassily Kandinski
- Wilhelm von Humboldt
Blog Archive
-
▼
2008
(473)
-
▼
December
(41)
- Sterling Values
- Pay Your Bill, Mr Yushchenko, and Keep Your Contra...
- Cutting to the Chase
- No Respect
- Big State, No Shops
- Angelic Greetings for Christmas and New Year
- Begging Bowls Out and Filled Across the World
- Yearning and Subjection
- Russia's Pipelines Run From Sea to Shining Sea
- Soothing Raedwald, or Some Still Care
- The Rest of the World is Not involved in Our Globa...
- Fundamentally Remiss
- A General Election, Not an Iraq Enquiry
- Hands Together, Eyes Closed
- Leaving Iraq
- That's the Way to Do It
- Don't Tell Him, Pike
- We Can't Afford Keynes
- Creating Deprivation and a Deserving Poor
- Extraordinary Rendition of the Leader and Saviour...
- Bully Boy Brown
- Lange Lives! It's Not Just Plumbers from Poland Bu...
- How Did We Let It Happen?
- Demons
- Anything But Brown
- A Political Economy Requires a General Election
- Nutty Slack
- Re-open the Mines
- Europe is Passing Into Hyper Liberal Hands
- Pied beauty
- Give It All Back
- The Year Has Come Round Again
- Prince's Landing Stage
- Out of the Mouths of Babes
- Chilling News From Canada
- Lying With New Labour
- No Entry
- Monarch Declines Speaker Martin's Choice For Royal...
- Brown: A Prophet Without Honour in Anyone Else's ...
- Poland Refuses to Fall for Debt-Fuelled Panaceas f...
- Keeping Oneself to Oneself
-
▼
December
(41)
Fallen Angels
- David Cameron (for risking the disorderly dissolution of the Euro)
- Giorgio Napolitano (for stance on Budapest 1956: Prague 1968: Italy 2013)
- Mervyn King (for bailing-out Northern Rock)
- Nicholas Kaldor (for inventing VAT)
5 comments:
Thats a bad rate. But average tourist rate today is 1.07.
Quite how the devaluation of the currency, far beyond what the last Labour government achieved, has not really been reported is a mystery.
Well not a mystery as we all know why, but a concern at least.
What will the rescuer of the world use as example of low inflation / low price Britain when Plasmas start rising in price next summer?
Cheddar? Celtic iron earrings?
I don't think the Beeb et al are worried, but people are.
This suggests, BQ, that the economy is so desensitized to the exchange rate that it will require a massive devaluation (shades of Russia 1998) before manufacturing production and export, end therefore employment can be revived by a devaluation.
Resuscitation is mouth to mouth, not a swift kick. Manufacturing industry in the UK is catatonic.
This is a timely reminder that parity may have some psychological quality of stability, but devaluation can go on and on and on, well past parity. And it's all virtual, no way we can see a real anchor to stop the process.
The relevant question is: is there a general self-supporting panic, or do some people know something we do not know yet?
Do you think Mervyn King is sitting in his room trying to hold the line, while George Soros is sitting in his, doing it again?
Post a Comment