I wanted to write a comment last night, then today, about the sudden collapse the last few months of the pound against the euro (to nearly par) but that's something I can't really measure since I'm not that familiar with the 4X market and the rough drafts I had for a more fulsome post were just exercises in futility.
All I know is that the last few months, the idea of countries like Denmark, Poland and even Iceland joining in on the bandwagon because their currencies have become quite devalued, has suddenly become rather popular in their respective countries. The UK jumping on as well may be an inevitability but on terms like this is almost insulting -- they had a better chance when the euro was at 58p back in 2000 and now it's virtually par, £=€. At least it's not Zimbabwe where the currency drops 1,000,000% every six months before having to be reset again and again.
It's also worth noting Slovakia joins the currency tomorrow, the first ex-Warsaw Pact entity to do so, which should put added pressure on Russia as they have one less currency to manipulate. Not that they really can when oil has dropped to $37 this morning (from a high of $147 earlier this year) and the wholesale price of gas is now just 86¢ per gallon. (And that isn't the price that we're paying -- that's the price refineries charge each other.)
So, totally out there, and not entirely by coincidence, I offer this song.
Yup, Boney M's biggest hit. And contrary to some common thought, this weren't a one hit wonder either.
Happy New Year.
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