Wednesday, 30 August 2017

Finally someone else talks some sense about devaluation

It's not just me that can't see why the constant devaluing of the pound is a good thing. I wrote way, way back in 2012 about how poor I was getting due to the madness being caused by devaluation back then and it's only gotten worse due to Brexit and that fucking idiot Mark Carney (head of the Bank of England) dropping interest rates even further in 2016.

I really only care about the GBP to NZD rate which has been on a tear down ever since 2007. Take a look at this graph. It's halved in 10 years. That basically makes the UK and everyone in it half as wealthy as it once was.

Now a few people are starting to wake up to the fact that constantly devaluing the pound is only doing harm. Plus, if it was actually useful then its benefits would have been felt by now and the UK would be the most prosperous paradise in the universe.

Stephen King wrote in the FT over the weekend about it - no link to the original article as The Times has a paywall, but there's a discussion on it here along with the text from the article.