I had that reaction too!
Posted on 01/20/2009 2:55:12 PM PST by rightwingintelligentsia
Sterling plunged to a seven-year low against the dollar today as one of the world's top investors warned the currency was 'finished'.
The pound fell more than two cents to hit a low of $1.3965 as traders reacted to the Government's latest multi billion-pound bailout of the banking system.
It is the first time sterling has dropped below $1.40 since mid-2001 and is on track for its biggest one-day percentage fall against the dollar since late 1992.
Less than a year ago, it was still trading at $2. Today, it was also down against the euro and the Japanese yen. Jim Rogers, who made his fortune when he founded the Quantum Fund with billionaire George Soros, warned investors they should start dumping the pound.
He said: 'I would urge you to sell any sterling you might have. It's finished. I hate to say it, but I would not put any money in the UK.'
(Excerpt) Read more at dailymail.co.uk ...
How does one play the decline in the Pound or Euro with an ETF or some other simple means (i.e. some method other than entering the Forex markets directly?
I had that reaction too!
Yep, its finished.
As it supposedly was in 1976, when it was being written off then. ‘Experts’ predicted both Sterling and Britain was finished.
Result?. Three years later, we vote in Thatcher (cue massive economic recovery) and little over half a decade later, we win in the Falklands.
Holy crap, George...take some of your billions and buy skin cream!!!
Ireland is on the brink of bankruptcy. While it looked good for a while, at this point maybe you want to pick another country to emulate?
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