Nayib Bukele’s Trolling of The Bank of England Shows How Far We Have Fallen
The United Kingdom has learnt the wrong lessons from history
A few weeks ago I wrote an article on the state of affairs in the United Kingdom.
In the post I likened Britain’s situation in the last six years to Argentina in 2001/2002 when they had five Presidents.
Argentina’s unravelling was simply due to its economic circumstances and the United Kingdom, today, is no different.
Not unless you have been living under the rock for the past few days, you will be well aware of what’s currently going on with the nation’s economy.
Owing to the insistence of our finance minister’s insistence on borrowing to fund another round of tax cuts, we are currently staring into the abyss with sterling taking a massive hit in the capital markets.
And our problems haven’t gone unnoticed by the rest of the world.
Nearly a year ago, tiny El-Salvador, a nation state that you can barely pick out on the map made the all-important decision to adopt bitcoin as its official currency.
As expected, naysayers everywhere were quick to predict the doom that would engulf this tiny central American nation.
Among those predicting the unravelling of the El-Salvadoran economy was Andrew Bailey, the governor of the bank of England.
But no such thing has happened.
El-Salvador has thrived in lots of ways since.
But for us in the United Kingdom, it has been a different story.
We are currently the basket case of the world as we are currently grappling with devaluation, debt and democracy.
And yesterday’s events did not make for good reading or viewing.
At the start of business on the 26th of September, the pound had fallen to £1.03 to the dollar and its performance over the course of the day didn’t exactly fill lots of people will confidence in sterling.