The Pound Sterling is now at a 37-year low against the US dollar - as of today, one pound equals US$1.14 and there’s much British navel-gazing as to What This All Portends. For somebody like me, who buys a lot of goods from the UK, it means Buy More Stuff! But it means something much different for Britons. A weak Pound means imports are more expensive, fueling inflation, and may not reflect the actual cost of wages, goods and services in the country. I can reveal the real reason for that currency’s slump, even though what I know about Economics wouldn’t fill your hat. Here goes.
© 2024 John Oliver
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