No I’m not talking about their recent cricket, rugby or cycling prowess, but their current form in the “Currency Wars”. Newspapers and G20 summary statements refer to “currency wars” as policy maker’s capital controls, low interest rates, and the big bazooka of them all, quantitative easing polices. By way of example the Pound has fallen precipitously in recent weeks and as Bill Gross stated in yesterday’s FT, “in a race to the currency bottom the ultimate winner will be the central bank that prints the fastest. The insinuation is undoubtedly true, although the assumption that any individual country or currency can win this war is rife with historical refutation.”
The Poms Play a Blinder
