It's a long overdue collapse, we have had a currency supported by the overconfidence of foreigners for too long. Food and fuel up, hopefully tourism and exports up too.
Commodity prices will ease, in line with stronger USD. Gold, prehistoric investment relic that it is, has $600 in it's sights, maybe lower. The banks all humiliated themselves, but the banking system survived again. Gold topped out at $1023 the same day the Fed funded the JPMorgan takeover of Bear Stearns.
Please do something about the rogue apostrophe on the top right of your page - "Blog's we like".
Bendy - well, prices of imports will go up, this includes fuel & much food, which (although currently on the wane) have been a major part of recent inflation
goods new is, our exports become more competitive (UK banking services, anyone ??)
the sudden fall probably indicates people were expecting an interest-rate rise this week (to combat inflation), and are now expecting UK inflation to rise
or it may be some speculative play ...
Idle, I wish I knew how, I shall raise it with the blog-powers that be
Deprecation of sterling will increase import prices, thus contributing towards the current bout of inflation.
Brown insists that the causes of inflation at the moment are solely external. Nothing to do with him or his government.
Doesn't the fall in the value of sterling suggest that this claim is wrong? Why is sterling falling so much? I would have thought it reflects a fall in the level of confidence in our national currency. Less and less people want to hold it so there is more of it about left unwanted. So the value falls. Another contributory factor would be the increases in money supply over the last ten years: more pounds are produced (as notes or in bank accounts) and so the value of the pound falls (as the value of any commodity falls when its supply increases in an unwarranted fashion).
So isn't this depreciation a reflection of the gradual decline in the market's confidence in this goverment's (economic) policies and that, therefore, this govt is responsible for the inflationary difficulties we are currently experiencing? A further implication ofcourse would be that this Labour govt is, infact, a useless piece of old tat ...
13 comments:
It's a long overdue collapse, we have had a currency supported by the overconfidence of foreigners for too long. Food and fuel up, hopefully tourism and exports up too.
Please could you explain what this will mean for those of us without much grasp of economics?
Thank you, Bendy Girl
good thing oil is at 112...
Commodity prices will ease, in line with stronger USD. Gold, prehistoric investment relic that it is, has $600 in it's sights, maybe lower. The banks all humiliated themselves, but the banking system survived again. Gold topped out at $1023 the same day the Fed funded the JPMorgan takeover of Bear Stearns.
Please do something about the rogue apostrophe on the top right of your page - "Blog's we like".
Bastard apostrophes - getting everywhere these day's.
I'm pleased I was in New York three months ago when I still got $2 for the pound!!
Lucky enough to be long a few USD at the moment. The only decent investment I have made all year...
Bendy - well, prices of imports will go up, this includes fuel & much food, which (although currently on the wane) have been a major part of recent inflation
goods new is, our exports become more competitive (UK banking services, anyone ??)
the sudden fall probably indicates people were expecting an interest-rate rise this week (to combat inflation), and are now expecting UK inflation to rise
or it may be some speculative play ...
Idle, I wish I knew how, I shall raise it with the blog-powers that be
Idle: I recently (2 July) suggested gold might head down to c. $660 if the Dow also plummets towards the 9,000 mark Robert McHugh predicted last year:
http://theylaughedatnoah.blogspot.com/2008/07/could-deflation-reduce-price-of-gold.html
Sackerson, I wouldn't link gold and the Dow together on the downside.
If anything, a sharp decline in equities ought to see gold firmer.
Gold offers only safe haven status, not an alternative asset class. And the banking crisis is pretty much over. Now we move into consumer crisis.
Plot a chart over the last year between euro-usd and spot gold. Similar lines?
Nick: Thank you for that
Deprecation of sterling will increase import prices, thus contributing towards the current bout of inflation.
Brown insists that the causes of inflation at the moment are solely external. Nothing to do with him or his government.
Doesn't the fall in the value of sterling suggest that this claim is wrong? Why is sterling falling so much? I would have thought it reflects a fall in the level of confidence in our national currency. Less and less people want to hold it so there is more of it about left unwanted. So the value falls. Another contributory factor would be the increases in money supply over the last ten years: more pounds are produced (as notes or in bank accounts) and so the value of the pound falls (as the value of any commodity falls when its supply increases in an unwarranted fashion).
So isn't this depreciation a reflection of the gradual decline in the market's confidence in this goverment's (economic) policies and that, therefore, this govt is responsible for the inflationary difficulties we are currently experiencing? A further implication ofcourse would be that this Labour govt is, infact, a useless piece of old tat ...
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