Monday, November 12, 2007

The Dollar in your pocket

Is history repeating itself ? Compare these two quotes, one from the former UK Labour prime minister Wilson and the other from Ben Bernanke chairman of the US Fed .

First Harold Wilson, 1967 ( on the occasion of the humiliating devaluation by the Labour government of Sterling).

Now Ben Bernanke , 2007. ( on the sliding of the dollar on international exchanges - in effect a large devaluation of the US currency).
Can anyone spot the common thread here ?

Man in a Shed thinks its the low opinion of their audience that both Wilson and Bernanke must have shared to hope to get away with such ridiculous statements.

It is also the shock wave that is travelling towards the only slowly awakening US citizens and still sleepy subjects of Her Majesty in the UK ( not least the out of his depth Alistair Darling, Gordon Brown's puppet as Chancellor of the Exchequer ).

You would think we were all wiser by now ...

MiaS can't help thinking the US is just over stretched just now, just as the British Empire once was. Still we are some time off a US Suez moment, but its now not impossible to imagine one.

1 comment:

Letters From A Tory said...

The US economy is sitting on top of a very steep hill and is starting to tip. If their economy goes, so does the world economy, and so does Gordon Brown's reign as PM.