Sunday, 28 December 2008

Exchange Rates

This is a disappointing piece making the old comparisions - I'd say modestly fleshed out on this 'blog some time ago - about how exchange rate movements have altered the relative standing of the US, Eurozone and UK over the past four years. But we all know that when discussing dollar (or any other common currency) GDP you can talk about exchange rates, but when you start talking about 'living standards' you need to make a lot more explanations. This statement is clearly nonsense:

The Oxford Economics consultancy, which only a few months ago reported that Britain’s living standards had overtaken those in the United States,

It's disappointing because David Smith knows all of this more than just about anyone else around. And see post above.

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