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October 25, 2008



Sadly that's true - it is a sideshow but as each currency is falling against the other, there is still relative parity.

Nick Cohen

Chris, What do you make of the similar claims that we are already up to our neck in public debt?


Nick - the claim is drivel:
1. OECD data show that the UK's net financial liabilities as a % of GDP are the second lowest in the G7.
2. The only judge of government debt that matters (other than future generations!) is the gilt market - the guys who lend the money. And these are relaxed. Long-term index-linked yields are only just over 1%.


That Australian news is not good.


I fear Fraser had a nice reputation building until this post and thread!

Johnny Coates

I like this POV: Instead, the story is about the dollar and yen. It’s these that are soaring, not sterling that’s crashing.
True, positive ideas like this help a lot far more than we could imagine.

Fraser Nelson

Chris, you ask "what sterling crash?" and run a graph showing the sterling trade weighted index plunging to a 12-year low! I wish I'd had that graph, because it does rather make my case. And as for the 10-year gilt-bund spread, I suspect you will see it rising well above 100bp in coming months.


A good argument and I'm in agreement but I'm sceptical about the OECD claim that the UK is light on public debt.

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How about now? It true once posted to the net, its there forever. Sterling is going down down down against the Yen. Where it bottoms out dare I say the one twenty somethings!!

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