In the early 1970's the pound lost 60% of its value against other currencies and it is happening again!
The same conditions and criteria are here today, increasing budget deficits, the authorities engineering (via QE and other methods) a controlled depreciation and real negative interest rates due to the resultant high inflation.
So what about now, well the pound has fallen 25% from its peak in 2007 already.
Well done Mervyn King!
