Two days ago I shot a video of a top investor at a Swiss bank (one of the few that didn't take a sub-prime kicking) who referred to the UK Pound as 'The British Peso'.
He told a room full of Singapore investment megabuck bankers to drop UK Sterling like it was on fire, because the Pound was essentially worthless, or would be by the end of the year, either because the UK Gov't simply cannot act as final guarantor for all the debts - as the total bank debt is 8 times higher than the UK's entire GDP...or that the Bank of England would desperately print money (it already is on the sly), to pay the debts itself with bogroll currency...and once the bogroll hit the open market, it would cause a huge rise in inflation and a crash on Sterling.
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Two days ago I shot a video of a top investor at a Swiss bank (one of the few that didn't take a sub-prime kicking) who referred to the UK Pound as 'The British Peso'.
He told a room full of Singapore investment megabuck bankers to drop UK Sterling like it was on fire, because the Pound was essentially worthless, or would be by the end of the year, either because the UK Gov't simply cannot act as final guarantor for all the debts - as the total bank debt is 8 times higher than the UK's entire GDP...or that the Bank of England would desperately print money (it already is on the sly), to pay the debts itself with bogroll currency...and once the bogroll hit the open market, it would cause a huge rise in inflation and a crash on Sterling.
Either way, the Pound is toast.
I got some cash out of the ATM yesterday and all the notes had little perforations along the edge.
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