ManOfSussex
We wunt be druv
This is about a run on the pound - they should get back Major and Lamont as advisers with first hand experience of overseeing one.
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John McDowell and a run on the pound.
- Thread starter Leekbrookgull
- Start date
This is about a run on the pound - they should get back Major and Lamont as advisers with first hand experience of overseeing one.
JC Footy Genius
Bringer of TRUTH
- Jun 9, 2015
- 10,568
spongy
Well-known member
I neex to back up a bit after a good half hour of reading. What does "run on the pound" mean?
ManOfSussex
We wunt be druv
No fibs in the story then.
No spin in the Sky News report, no.
ManOfSussex
We wunt be druv
Speaking of Sky News......................
alfredmizen
Banned
- Mar 11, 2015
- 6,342
Sterling getting sold off , heavily.
alfredmizen
Banned
- Mar 11, 2015
- 6,342
[MENTION=11928]vegster[/MENTION] ?
JC Footy Genius
Bringer of TRUTH
- Jun 9, 2015
- 10,568
I can't see why there would be a run on the pound and flight of capital if the country elected a party promising to end austerity, immediately go into reverse, spend spend spend, increase borrowing by large amounts, plus the biggest tax hike since world war two .. mainly on business and the wealthy, plus nationalising anything that moves but not neccaserily paying the market value, revert back to the size of the state in the 1970's all while we are transitioning out of the EU .... 
FatSuperman
Well-known member
- Feb 25, 2016
- 2,830
As long as they nationalise McVities and put Jaffa cakes back to 12 in a box, then I'll vote for them.
KZNSeagull
Well-known member
The way the market works though, surely the run would come prior to the election if Labour are in with a sniff of victory? So it wouldn't be a run as such, more a steady jog.
maltaseagull
Well-known member
What about the run on the pound we've had under the Tories in the last year
Not the Tories fault!
Blame the leavers.
maltaseagull
Well-known member
Sadly, that is the sort of decision far too many voters base their decisions on
Not saying you are one of them as you were clearly joking . Weren't you?
alfredmizen
Banned
- Mar 11, 2015
- 6,342
[MENTION=11928]vegster[/MENTION] are you going to answer ? Or am I correct in thinking your post was devoid of facts and based on prejudice with virtually zero real knowledge ?
Two Professors
Two Mad Professors
Don't know which planet you are on,but on Earth there is a Labour conference on at the moment.If Labour policy was a second referendum,I'm sure they would have announced it.In fact,the Glorious Leader has let it be known that staying in the single market is a complete no-no.The rules make it impossible to re-nationalise the railways,you silly-billy.
cunning fergus
Well-known member
- Jan 18, 2009
- 4,745
Not going to happen. JC supports Brexit and always has; the news at conference yesterday by McDonnell relating to the programme of re-nationalisation should be ringing huge alarm bells for dyed in the wool Labour remainers.
State funded industries will not comply with EU competition laws, and it’s exactly why the capitalists will piss their capital market pants when JC moves into to No 10.
I am amazed that anyone could think that a Corbyn run government would precipitate a “huge sigh of relief” from capital markets? He is not Tony Blair, and I think that is who you want.
Politically illiterate........I should coco.
Leekbrookgull
Well-known member
- Thread starter
- #57
Leekbrookgull
Well-known member
- Thread starter
- #58
that wont last.
cunning fergus
Well-known member
- Jan 18, 2009
- 4,745
You’re partly right but if you are going to blame a fellow travelling Tory you need to be pointing to Lawson, who agreed to join the ERM in 1990. He made the call to join despite Thatcher’s reservations but at this point she was weak, the Tory pro EU brigade was in the ascendancy.
When the UK joined the ERM the UK economy was being boosted by a thriving housing market which created a false impression relating to the strength of the economy (sound familiar?). The reality was that in joining the ERM at the rate Lawson did he fixed the £ at a rate to other European currencies that was unrealistic.
Two years later as the housing market slowed followed by the economy the £ was hopelessly overvalued, however as a member of the ERM the UK Govt had a responsibility to support the currency at the agreed rate, ergo interest rates had to go north, and some.
Speculators (famously Soros) weighed in given this construct and the only sensible option was to get the UK out of the ERM.
Whilst the pro EU Tory mob deserve ridicule for buying into this adventure, it is even more reprehensible that Blair, Brown, Balls eat al then rode the same bus a mere 10-15 years later, Brown even believing the UK had abolished boom and bust.
What’s the learning, beware of pro EU Tories, they are the enemy of the working class.
cunning fergus
Well-known member
- Jan 18, 2009
- 4,745