Friday, 13 January 2012

Who nobbles the BBC?

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.

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