Monday, August 15, 2016
Never in a millions years would I have thought I would end up writing that headline one day but there it is.
The British pound has beaten Argentina’s peso to a title nobody wants: the world’s worst performing currency.
Yes, The British Pound is the worst performing currency for 2016, doing worse so far this year than any other major currency. That means it’s even worse than Argentina’s peso, which so far this year is down 11.7% against the dollar. Since voting to leave the European Union the pound has plunged 14% against the U.S. dollar. It’s down about 12% since the start of the year, and is trading at its lowest level since 1985.
If this doesn’t make your spider sense tingle I don’t know what will. People in developed countries just do not understand what it means for a currency to devaluate 5% , let alone 10 or 15%. I don’t blame them. It just isnt that common in 1st world countries. I on the other hand know exactly what it means.
There’s no free ride folks. This has devastating consequences. Its not a matter of if, the devaluation already happened and people will pay for it. They will pay it at the grocery store, older people will pay it with their pensions. For each point of devaluation, a proportional number of middle class people fall into poverty.
For those that are about to learn a lot of this the hard way, get my book “The Modern Survival Manual: Surviving the Economic Collapse” so as to minimize the blow as much as possible and get ready for what’s coming.
Fernando “FerFAL” Aguirre is the author of “The Modern Survival Manual: Surviving the Economic Collapse” and “Bugging Out and Relocating: When Staying is not an Option”.
Posted by TheModernSurvivalist at 7:27 PM