What The Hell Is Going On In Britain? Izabella Kaminska Has Some Thoughts

 From The Blind Spot, September 26:

Spot Markets Live Transcript: 26/09/22

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"I don’t know about you but it feels like there’s something very paradigm-shifting going on."

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....MUCH MORE

Remember: a paradigm is 20 cents.

Also remember: a pair of dimes used to be worth a lot less vs the  pound:

928: Athelstan, the first King of England adopted sterling as the first national currency. He set up mints around the country to supply the growing nation.

One pound could buy you 15 cows.

1717: The United Kingdom defined sterling's value in terms of gold rather than silver for the first time.

Sir Isaac Newton, as Master of the Mint, set the gold price of £4.25 per fine ounce that lasted two hundred years, except during the Napoleonic wars when gold cash payments were suspended.

1925: £1 equivalent to $4.86. 

1949: Exchequer announces formal 30% devaluation, $4.03 to $2.80.

1964/65: [sterling crisis, cap in hand to the BIS and IMF]

1967: Formal devaluation, $2.80 to $2.40

“It does not mean that the pound here in Britain, in your pocket or purse or in your bank, has been devalued."

— Prime Minister Harold Wilson, 1967

Sources:

https://www.weforum.org/agenda/2016/06/a-short-history-of-the-british-pound/

https://www.exchangerates.org.uk/articles/1325/the-200-year-pound-to-dollar-exchange-rate-history-from-5-in-1800s-to-todays.html

1.06583 last. 

On the bovine standard 1 GBP = 1 MCD regular hamburger.

Down from 15 cows