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The Daily Stormer has hardly covered the fact that the British Pound has fallen to reach parity with the dollar. Less than a decade ago, the pound was worth the better part of two dollars.
A currency losing nearly half of its value in less than a decade is completely outrageous. To put that in context: the pound has performed about as well as the ruble against the dollar since 2014 when the US began trying to destroy Russia’s economy through sanctions and otherwise.
In the last five years, the ruble has actually done better than the pound. The pound has lost 10% of its value in the last six months.
The British government is responding to this situation by…
Wait for it…
Printing more money.
AP:
The Bank of England moved Wednesday to halt a slide in British government bonds that posed a “material risk to U.K. financial stability” after political leaders’ plans to slash taxes and increase borrowing spooked investors and sent the pound tumbling.
The emergency intervention means the central bank will buy government bonds from Wednesday through Oct. 14 in an effort to stabilize the market and drive down the soaring cost of government borrowing.
“The bank is monitoring developments in financial markets very closely in light of the significant repricing of U.K. and global financial assets,” the bank said in a statement. “This repricing has become more significant in the past day — and is particularly affecting long-dated U.K. government debt.”
BREAKING: The Bank of England says the UK economy is totally fucked x
— Laura Kuenssberg Translator (@BBCFLauraKT) September 28, 2022
The move came after the International Monetary Fund issued a rare warning to a major world economy, urging Britain’s new government to “reevaluate” sweeping new tax cuts that may fuel inflation and are likely to increase economic inequality.
So I guess we’re still doing this “high taxes stop inflation” thing, huh?
Alright.
Yields on the 10-year government bonds, which measure the return buyers get on their investment, fell following the central bank’s announcement, after spiking in recent days.
…
Prime Minister Liz Truss’s government on Friday unveiled a 45 billion-pound ($48 billion) package of tax cuts in an effort to spur economic growth. But the plan wasn’t accompanied by spending cuts, or even an independent cost estimate, raising concerns that it would swell government debt and add to inflation that is already running at 9.9%, close to a 40-year high.
In response, the British pound fell to a record low against the U.S. dollar on Monday, to $1.0373, amid investor concern about the government’s policies, which also include borrowing billions to help shield homes and businesses from soaring energy prices.
The British currency later recovered, but it sagged Wednesday morning, trading at $1.057, after the rare IMF warning. The central bank intervention did not boost it.
This is ridiculous. It’s basically a full economic collapse.
I'm told by a city source it's hard to overstate how serious the situation is today. There is concern over the health of pension funds and this is why the Bank of England has acted
— Sam Coates Sky (@SamCoatesSky) September 28, 2022
the Bank of England rn pic.twitter.com/H08hwuqXw8
— Wall Street Memes (@wallstmemes) September 28, 2022
Meanwhile, the government is saying “stand with the Ukraine and remember your tranny pronouns, goyim.”
Just so you understand: global currencies collapsing means that the dollar is collapsing. Every currency is either pegged to the dollar or de facto pegged to the dollar, because the dollar is the global reserve currency.
The United States uses the dollar system to export its internal inflation and spread it out across the world, and various countries are not able to bear that burden due to their own troubles.
The thing is: as these foreign currencies collapse, the dollar is buoyed because these countries have to start relying on the dollar. In some third world countries, people will just start using it in stores and so on, but definitely larger deals get done in the dollar, and rich people move their liquid into the dollar to avoid the devaluation. The dollar goes up because of this, in theory – but it’s not going up; all that these global currency collapses are doing is slowing the spiral of decline.
When every currency has collapsed, the dollar will collapse. There is nothing else that can happen.
People who are saying “things aren’t that bad” have no idea what they’re talking about. It’s impossible to state how bad things actually are.
