The global policies adopted by the City of London and their Wall Street sidekicks are rapidly sinking Great Britain itself and the pound sterling into Third World status. An article in yesterday’s Financial Post, a Canadian-British business daily which is part of the Hollinger empire, reports that the U.K.’s latest reports of double-digit (and rising) inflation have caused a run on the pound sterling, even as speculators are betting that the Bank of England will more than double its key rate to 3.75% by March from 1.75% currently.
Speculators “stayed resolutely bearish on the [British] currency versus the U.S. dollar,” the Financial Post reported, and “they also piled into hedges against higher consumer prices, betting the worst is still to come.… Sterling has dropped against both the euro and the dollar so far this month, even as the rise in U.K. bond yields outstrips other markets.”
