Sterling below $1.40
Discussion
According to XE.com we're getting less than US $1.40 for one of our worthless pounds.
And here's an interesting quote from this article:
Jim Rogers, the co-founder of Quantum fund with George Soros, today told Bloomberg News that “I would urge you to sell any sterling you might have.”
I'd just like to thank the one-eyed, slack-faced Scottish faggot for all his hard work in making this happen. The c
t.
And here's an interesting quote from this article:
Jim Rogers, the co-founder of Quantum fund with George Soros, today told Bloomberg News that “I would urge you to sell any sterling you might have.”
I'd just like to thank the one-eyed, slack-faced Scottish faggot for all his hard work in making this happen. The c
t.Edited by Fezant Pluckah on Tuesday 20th January 10:06
Seems to be the concensus at the moment:
“I would urge you to sell any sterling you might have,” said Jim Rogers, chairman of Singapore-based Rogers Holdings, in an interview with Bloomberg Television. “It’s finished. I hate to say it, but I would not put any money in the U.K.”
Can't say i blame them.
All we need now is a bout of 'quantative easing' and we'll be going to the IMF cap in hand. Taking on RBS will bankrupt the country.
What were the alternatives?
“I would urge you to sell any sterling you might have,” said Jim Rogers, chairman of Singapore-based Rogers Holdings, in an interview with Bloomberg Television. “It’s finished. I hate to say it, but I would not put any money in the U.K.”
Can't say i blame them.
All we need now is a bout of 'quantative easing' and we'll be going to the IMF cap in hand. Taking on RBS will bankrupt the country.
What were the alternatives?
ytrebil said:
Can someone just clarify to me why they are blaming Gordon Brown for the weak sterling? This is a genuine question and I'd like as full an answer as possible, not something along the lines of, "just because he's a ".
This, I think, explains why Labour get elected every so often. Much to our cost. ". Bloomberg said:
Pound Tumbles as U.K. Bank Plan Fuels Concern Crisis Deepening
Jan. 20 (Bloomberg) -- The pound dropped to a record low against the yen and breached $1.40 for the first time since 2001 as the U.K.’s bank-bailout plan raised concern the global financial crisis is worsening.
The British currency also had its biggest drop against the euro in a month after the U.K. government said it will spend an extra 100 billion pounds ($142 billion) to support the nation’s banks, a second lifeline in three months, and increase its stake in Royal Bank of Scotland Group Plc. The Australian and New Zealand dollars slumped a second day against the yen as Asian and European stocks declined. The dollar rose versus the euro.
“Worries about the banking crisis are leading to more risk aversion,” said Antje Praefcke, a currency strategist in Frankfurt at Commerzbank AG. “The market isn’t convinced, for the moment at least, that there’ll be a light at the end of the tunnel.”
The pound slid to 126.88 yen as of 9:26 a.m. in London from 130.71 yesterday and traded at an all-time low of 126.66. It weakened to $1.3966, from $1.4420, the lowest level since June 2001, and to 92.84 pence per euro, from 90.59 pence. The yen climbed to 117.42 per euro from 118.47, and was at 90.93 against the dollar from 90.64.
“I would urge you to sell any sterling you might have,” said Jim Rogers, chairman of Singapore-based Rogers Holdings, in an interview with Bloomberg Television. “It’s finished. I hate to say it, but I would not put any money in the U.K.”
Rogers correctly predicted the start of the commodities rally in 1999. In January 2008, he advised investors to sell the U.S. currency. The Dollar Index traded on ICE futures, which tracks the greenback against six major trading partners, rose 6 percent last year.
Jan. 20 (Bloomberg) -- The pound dropped to a record low against the yen and breached $1.40 for the first time since 2001 as the U.K.’s bank-bailout plan raised concern the global financial crisis is worsening.
The British currency also had its biggest drop against the euro in a month after the U.K. government said it will spend an extra 100 billion pounds ($142 billion) to support the nation’s banks, a second lifeline in three months, and increase its stake in Royal Bank of Scotland Group Plc. The Australian and New Zealand dollars slumped a second day against the yen as Asian and European stocks declined. The dollar rose versus the euro.
“Worries about the banking crisis are leading to more risk aversion,” said Antje Praefcke, a currency strategist in Frankfurt at Commerzbank AG. “The market isn’t convinced, for the moment at least, that there’ll be a light at the end of the tunnel.”
The pound slid to 126.88 yen as of 9:26 a.m. in London from 130.71 yesterday and traded at an all-time low of 126.66. It weakened to $1.3966, from $1.4420, the lowest level since June 2001, and to 92.84 pence per euro, from 90.59 pence. The yen climbed to 117.42 per euro from 118.47, and was at 90.93 against the dollar from 90.64.
“I would urge you to sell any sterling you might have,” said Jim Rogers, chairman of Singapore-based Rogers Holdings, in an interview with Bloomberg Television. “It’s finished. I hate to say it, but I would not put any money in the U.K.”
Rogers correctly predicted the start of the commodities rally in 1999. In January 2008, he advised investors to sell the U.S. currency. The Dollar Index traded on ICE futures, which tracks the greenback against six major trading partners, rose 6 percent last year.
grumbledoak said:
ytrebil said:
Can someone just clarify to me why they are blaming Gordon Brown for the weak sterling? This is a genuine question and I'd like as full an answer as possible, not something along the lines of, "just because he's a ".
This, I think, explains why Labour get elected every so often. Much to our cost. ". ytrebil said:
Can someone just clarify to me why they are blaming Gordon Brown for the weak sterling? This is a genuine question and I'd like as full an answer as possible, not something along the lines of, "just because he's a ".
Because it is the droopy faced git's policies over the last 11 years that have led us into this mess (though he would like to blame the Americans), and Sterling/the UK are now percieved by the rest of the world as screwed, and everyone is selling sterling, thus making it more worthless.". Or something like that.
Edited by Fezant Pluckah on Tuesday 20th January 10:22
ytrebil said:
Rather than writing some smart arsed reply, why not actually answer the question!?
Or, perhaps, you could try reading something.Fezant Pluckah said:
Because it is the droopy faced git's policies over the last 11 years that have led us into this mess (though he would like to blme the Americans), and Sterling/the UK are now percieved by the rest of the world as screwed, and everyone is selling sterling, thus making it more worthless.
The above is a good summary, though. Eleven years of economic idiocy, our economy is screwed for probably a generation, and anyone who can is getting out of sterling.
chris watton said:
900T-R said:
If it's any consolation, the euro is pretty much going the same at 1.297 US $ ATM...
Ah, so that's why my wife's had so many US orders over the past few days....http://uk.finance.yahoo.com/echarts?s=EURUSD=X#cha...
Well, my take on it is that it’s not entirely the government’s fault and although I am not a Labour supporter, I think we would be in the same economic mess if any of the main parties were in power.
We rely heavily on imports as an island and we don’t have the security that the Euro brings. The main problem is just people in general being greedy. Borrowing more money than they could ever repay, defaulting all over the place and generally trying to keep up with the Jones’ which I guess to an extent is human nature. I know the dollar has suffered although it won’t do as much as the pound because it is the biggest reserve currency in the world and being such a large nation with their own large produce, I guess people see that America can get their way out of trouble much easier than we can.
We’ve always had close ties to the US and I know the BoE was heavily invested into American institutions which of course took a huge hit just recently. I have also read stories that Gordon Brown sold all or most of our gold reserves when the price was extremely low – again this is surely just unfortunate that the people advising him had got it totally wrong. Not necessarily an action he undertook himself.
If Labour had it their way we’d already be in the Euro and possibly not be in the mess because of the Euro’s exposure across many countries rather than the pound being dependent on such a small island.
I do think Gordon Brown is a scapegoat. I am not a Labour fan as I’ve said (I’m far more right wing with my views) but if Labour had it all their own way we wouldn’t be in this situation we are now. IMO.
We rely heavily on imports as an island and we don’t have the security that the Euro brings. The main problem is just people in general being greedy. Borrowing more money than they could ever repay, defaulting all over the place and generally trying to keep up with the Jones’ which I guess to an extent is human nature. I know the dollar has suffered although it won’t do as much as the pound because it is the biggest reserve currency in the world and being such a large nation with their own large produce, I guess people see that America can get their way out of trouble much easier than we can.
We’ve always had close ties to the US and I know the BoE was heavily invested into American institutions which of course took a huge hit just recently. I have also read stories that Gordon Brown sold all or most of our gold reserves when the price was extremely low – again this is surely just unfortunate that the people advising him had got it totally wrong. Not necessarily an action he undertook himself.
If Labour had it their way we’d already be in the Euro and possibly not be in the mess because of the Euro’s exposure across many countries rather than the pound being dependent on such a small island.
I do think Gordon Brown is a scapegoat. I am not a Labour fan as I’ve said (I’m far more right wing with my views) but if Labour had it all their own way we wouldn’t be in this situation we are now. IMO.
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