In case you haven’t noticed the Pound took a pounding on Friday. The once sterling currency has been hammered by the markets. Today, Sterling reached a thirty year low at $1.31 plus, that is down from $4.86 in 1939. Blame the politicians for the depreciating currency, running the printing presses faster than the engines on the Titanic – spending your money like there was no tomorrow. “It is not their money so why do they care.”
Politicians spend money to guarantee their reelection by distributing the wealth to those on the government dole. Problem here is two fold, revolution will simmer until it erupts and number two, taxpayers will leave the country taking with them their wealth. Then who will be the bills. Call Maduro in Venezuela, see if he has any ideas.
The more of them on the dole, the more votes they get. However, (click)BREXIT sent a chill to the welfare set; the working people of Great Britain told the Elitists Politicians to get out of town now before we lynch you. Immigrants have diluted English society and the working people (little people) alarmed at what was happening to their country went on the warpath. They were sick and tired of political correctness and immigrant diluting their culture which was took centuries to build.
Don’t think for a moment that the polls showing Clinton in front are correct; the polls have been wrong before. Going into Leave and Remain, Remain was well ahead and we know how that turned out.
In 1940, an agreement with the U.S.A. pegged the pound to the U.S. dollar at a rate of £1 = $4.03. (Only the year before, it had been $4.86.) This rate was maintained through the Second World War and became part of the Bretton Woods system which governed post-war exchange rates. Under continuing economic pressure, and despite months of denials that it would do so, on 19 September 1949 the government devalued the pound by 30.5% to $2.80. The move prompted several other currencies to be devalued against the dollar.
In 1961, 1964 and 1966, the pound came under renewed pressure since the exchange rate against the dollar was considered too high. In the summer of 1966, with the value of the pound falling in the currency markets, exchange controls were tightened by the Wilson government. Among the measures, tourists were banned from taking more than £50 out of the country, until the restriction was lifted in 1979. The pound was eventually devalued by 14.3% to $2.40 on 18 November 1967. Now $1.31 according to the latest markets.
Britain opened the door and others will follow; Holland, France, Italy – let the games begin.
So where are we in America? Can it happen here? Will it happen here? One way or the other there will be a Revolution. Let Hillary get in and the same will happen; they say it can’t happen – we have Bridge to Sell You.