“We are reminded once again that when the pound falls, it falls hard.”
We have been stressing the vulnerability of the pound for some time. Some analogy from a strictly economic point of view could be made with Iceland which is being forced to contemplate joining the Euro as its own currency plummets. Iceland has some similarities as an offshore, largely parasitic, financier economy. but at least its not the hub of a lunatic imperial project which has already failed but which we persist with, fueling the flames that engulf us. The collapse of the pound will be a historic event symbolising the end of the post-1688 imperial project. On a more practical level we have no choice but to abandon it and join the Euro if we are to avoid a terrifying inflationary crisis.
Julia Kollewe
1st September
The pound hit a record low against the euro and a two-year low against the dollar this morning after a stark warning from Alistair Darling, the chancellor, that the economic downturn would be worse and longer than expected.
In These New Times 