Invest in Quatloos today!
/Sarc
Posted on 09/26/2022 2:27:35 AM PDT by EBH
The British pound fell to all-time low against the U.S. dollar early Monday after Treasury chief Kwasi Kwarteng pledged a sweeping package of tax cuts, fueling concerns about the government’s economic policy as the United Kingdom creeps toward recession.
The pound fell as low as $1.0373, before rallying to $1.0672 in early London trading. It was its lowest level since the decimalization of the currency in 1971.
The British currency has lost more than 5% of its value against the dollar since Friday, when Kwarteng announced the biggest tax cuts in 50 years. It comes as the government plans to spend billions of pounds to help consumers and businesses struggling with high energy bills that are driving a cost-of-living crisis. The combination sparked investor concern about spiraling government debt.
Kwarteng and Prime Minister Liz Truss, who took office three weeks ago, are betting that lower taxes and reduced bureaucracy will spur economic growth and generate enough additional tax revenue to cover government spending. Economists suggest it is unlikely the gamble will pay off.
(Excerpt) Read more at msn.com ...
Ze Great Rezet is in play.
CBDC to follow with complete control over everything.
Today, the DOW futures are down -200, with the 2-year and 10-year notes pointing to trouble. The pain to our 401s caused by our politicians is going to devastate America's middle class.
Looks like some hospitals have become long-term care facilities.
It’s all like watching self-inflicted economic implosions in slow motion. Sad part, is you can’t make this stuff up.
When it comes to the NHS, long term care is an oxymoron.
‘Tis also a fact that money flees to the dollar whenever there’s a war scare.
Yes, buy they are also massively subsidizing the middle and upper classes with economically unsound caps on heating bills.
That ain’t no Reaganomics.
/Sarc
Much of that is still recent froth fueled by spending, exceeds money creation and the Fed having added corporate securities to its balance sheet.
Going to London Wednesday to get in/out before the civil unrest.
Will check out conditions on ground. Haven’t been since right after Brexit.
She, like Rishi, was one of Klaus’s Young Global Leaders.
They are all on a crusade to tear down common prosperity, safety and sovereignty.
Exactly right. The entire global economic foundation is shaking, at a time when all the wrong people are in positions of authority.
But I prefer Gold-Pressed Latinum.
Or that she’s an all-in hawk on Ukraine.
The Dollar will follow - just not as fast...
Dollar strength is a really interesting phenomenon right now. The good news is that it helps with inflation. The bad news is it slows the US economy.
too = took
brain not keep up with fingers this morning.
I am old enough to remember when the £ was worth about $4.50 but the UK still had bits of its empire back then.
On a happier note I bought five of the hundred trillion Zimbabwe notes a few years ago, half a quadrillion dollars. I’ll die a rich man.
Would love to know what’s happening and what the common person is thinking. Our media blackout is not helpful.
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