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clutchslip

Listed below are comments made by clutchslip between Saturday, 25th October 2008 and Saturday, 25th October 2008.

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A slump in confidence in policymakers? 05:01am on 25 Oct 2008 The important story here thats not being reported is of course what's happening with the pound.

In previous times of distress we've seen Norman 'Black Eye' Lamont defending our mighty currency to the country's not inconsiderable cost. The 'under-reporting' is doubly surprising when also considering a certain Mr Cameron's role in such activities.

While Gavin brought up 'beggar thy neighbourism' on tonight's show he did so only by reference to Smoot Hawley..ignoring the day's 5p 'market' devaluation of Sterling against the dollar. Bearing in mind that competitive exchange rate devaluations played a prominenet role in the unravelling after the Great Crash, the conspiracy of silence both intrigues and disturbs me. While 'express devaluation', (handily applied by the market and not the government) may certainly be good for the economy, and market intervention a tool likey to injure its user, despite the lack of journalistic questioning of our policymakers regarding either the falls or their unwillingness to squander our reserves on such a defence, its only a matter of time before those in Japan or perhaps more likely, the Eurozone, get a handle on what we, or sorry, the market, are up to here. Further base rate cuts are of course, only likely to accelerate this process. Brown's much vaunted supranationalist credentials will be sternly put to the test if this kind of behaviour triggers further measures by other countries to 'save' their domestic populations. My own theory is that France has been planning for an autarkic future for a very long time, but that's a different story entirely. So then Paul, when you next bump into Darling, maybe you could ask him straight whether devaluation is a direct policy goal. Whatever you do though, don't report the answer!

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