Thread by @hendry_hugh

Someone asked me about fiscal conservatism being a boon for GBP? Makes me think of the DJ refrain, You gave me a cassette ?? We don't play cassettes no more baby...let me explain. But first we got to behold the v long term chart of Sterling v the $

macrotrends.net/2549/pound-dol…
what a great site !

Little good comes from applying pro cyclical policies in a silent depression. Imo GBP and fiscal conservatism -real or fancied - just downright boring - the GBP level is tantalising - it took a real beating - but currencies don't have value, just levels...

And the GBP level is close to where it traded around the bankruptcy of the UK's failed political state in the late 1970s. Never thought I'd see those levels again but speculation feeds on narrative. Brave soldiers enter combat with stories of glory. I can't find any.

I'm not a bear, not at these levels, but we lost the Singapore / off-shore beacon for capitalists to flee the European citadel storyline and the political class is brazenly hopeless. Like everywhere else, its an unappealing choice between the hapless and the autocrat

So let's return to my DJ and his cassette...cause it's all about $s . We talk too much of crypto currencies at the expense of the real shadow currency - $ collateral. That's the real deal, it's enormous and periodically it serves menacing margin calls. One maybe approaching.

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