Sunday, March 7, 2010
Dealers swap sterling for Mugabe's dollar
The two-year decline of the sterling boosts exports and is therefore good news to the brain trust at England's central bank. Suffering its "biggest rout on the currency markets for more than a year," the sterling "fell by more than 1.7 per cent against Zimbabwe’s much-mocked paper, completing a decline of more than 7 per cent since the end of January." When the value of the sterling falls to zero, Bank of England Governor Mervyn King and his Keynesian pals can celebrate with the mother of all bonfires, with paper sterling as fuel.