Posted on 06/01/2013 4:47:53 AM PDT by Olog-hai
Mark Carney will try to devalue the pound by as much as 15 percent after he takes over as Bank of England Governor in July in a last ditch attempt to cement the UK recovery, PIMCO, the world’s largest bond house, has warned.
Growth in Britain is going to remain “challenged” for the next three to five years as the Government continues to shrink the public sector and cut the budget deficit.
As banks and households also grapple with their excessive debts, “that leaves one policy tool outstanding, which is basically the currency”, PIMCO managing director and sterling bond head Mike Amey said. …
(Excerpt) Read more at telegraph.co.uk ...
Well this sounds good.
Is this in response to Japan’s currency devaluations?
I have not read anything about pro-growth policy changes, such as reduction in VAT, reduction in Regulatory policies, limitation on DOLE access
The end result is a gold standard, a globally recognized standard against which all currencies are pegged.
A US$ pegged at US$1,300 /troy oz is being discussed. I suspect that by the time it is accomplished the rate will be closer to US$2,000
WW III , not a shooting bulletts and bombs war, a currency/economic war.
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