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Alasdair Macleod: The pound's future in a dollar collapse
By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Friday, July 15, 2020
In recent articles for Goldmoney I have pointed out the dollar's vulnerability to a final collapse in its purchasing power. This article focuses on the factors that will determine the future for sterling.
Sterling is exceptionally vulnerable to a systemic banking crisis, with European banks being the most highly geared of the Global Systemically Important Banks. The UK government, in opting to side with America and cut ties with China, has probably thrown away the one significant chance it has of not seeing sterling collapse with the dollar.
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A possible salvation might be to hang onto Germany's coattails if it leaves a sinking euro to form a hard currency bloc of its own, given her substantial gold reserves. But for now that has to be a longshot.
And lastly, in common with the Federal Reserve and European Central Bank, the Bank of England has taken for itself more power in monetary matters than the politicians are truly aware of, being generally clueless about money.
Conclusion: The pound is unlikely to survive a dollar collapse, which for any serious student of money is becoming a certainty. ...
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