Pound Foolishness
The British pound’s recent gyrations point to some basic lessons of currency markets. While an extremely overvalued US dollar and many other factors are at play, the main source of downward pressure on the exchange rate is the new UK government's bizarre lurch into Reaganomics.
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LONDON – After earning my PhD in 1982, I spent the first 20 years of my professional career immersed in the tumultuous world of foreign-exchange markets. Today, current events are bringing back both happy and embarrassing memories.