Couldn’t
resist the cartoon, following today’s news from Thanetland but I thought I
would write about something interesting (to me)
I spend time in France regularly, so the “ EURO crisis” is of interest to me and I keep a
watchful eye on exchange rates. The BBC News 6pm tonight (Friday 13th Jan 2012),
headline was “Euro in free fall as Euro
crisis deepens”, Hearing such news and
with a European trip imminent, I eagerly
checked the Euro to GBP exchange rate only to find it had dropped only about
0.03p. Hardly anything to get worked up about but it suited the BBC because
they went on to say that France ’s Triple A” rating was in danger of
being down graded.
Funnily enough in the previous week the BBC had
been outraged by a French Minister’s comment that the economies of France and Britain had a similar fragility and that if
France was downgraded, Britain shouldn’t be far behind. Looking at
the exchange rate history I would say the French Minister certainly has got a
point. 10years ago the Euro started life and was worth 62p, over the succeeding
years the Euro has consistently gained strength against the pound, a few weeks
ago a Euro was worth nearly 90p and since then it has been in slow decline to
82.5p, its present value. This is hardly a crash as suggested by the BBC, to
bolster their story about the possible downgrading.
It is a great pity that we only get a very biased
and one sided version of a story which seems designed to keep us all oblivious
of the dire situation throughout the whole Western hemisphere INCLUDING
BRITAIN.
No comments:
Post a Comment