The British pound reached an 8-year low Tuesday. Ambrose Evans-Pritchard is "Seriously Alarmed" about the slide being "disorderly." Key part:
England has not defaulted since the Middle Ages. There is a real risk it may do so now.And no -- just so there is no misuderstanding -- it would not have been any better if Britain had joined the euro ten years ago. The bubble would have been just as bad, or worse, as Ireland and Spain can attest. We have our disaster. They have their disaster. When the dust has settled in five years we can make a proper judgement on the sterling-EMU issue. Not now.
Killer part that rings true in many places outside the UK:
The Baby Boomers have had their moment in power. The most spoilt generation in history has handled affairs with its characteristic hedonism. The results are coming in. The blithering idiots.
And Bloomberg quotes Jim Rogers as saying the "UK is finished" and that investors should dump the currency. Rogers never shies away from issuing declarations. But taken together with Evans-Pritchard, it leaves me wondering not just about the pound, but most currencies.
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