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You can Fool some of the People

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The article called “You can fool some of the people…” in The Economist is slightly different from the ones read so far. Hardly using any statistics, except for a few numbers or other economic indicators, it successfully conveys its message by drawing upon the experts’ opinion. The writing style itself is quite refreshing and interesting to follow; and the way the author’s own words interact with the quotes from other people is remarkable. The discussion is built around the matter of pound sterling and its recent troubles. Despite the concise length of the article, it encourages the reader to think about the current situation in the UK looking at it from the economic as well as historical perspective.

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At the time when many countries around the world experience economic hardships, it is far from surprising to find British currency affected as well. The pound has historically enjoyed a lot of trust by people for being stable and strong comparing to other major currencies. However, the question is how much of this trust is actually grounded on the facts. The articles in the British newspapers are already giving advice on how to plan a holiday while the sterling loses its value. This is especially interesting, because the financial sector officials ensure the public that the depreciation of the currency will not be reflected on the real money in their pockets.

Speaking of depreciation which happened recently, the article mentions at least two issues. First of all, according to the economic journalist of Sunday Times, the devaluation of pound made it considerably undervalued while in the year 2000, it was overvalued. He further contends that in the light of recent Europe’s economic events, the pound is holding on rather well and is depreciated unjustifiably. Another related issue is trade deficit. The depreciation of the currency was meant to lift the deficit, but it failed to do so. One can only wonder whether this step was necessary since it weakened the position of the pound worldwide and caused the British citizens to worry about their financial well-being.

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These problematic areas indicate of the uncertainties of a larger scale. The article talks about the instability of the overall monetary policy of Great Britain. Several experts, whose opinion is used in the text, argue that the Bank of England loses its credibility when it comes to financial policy making. Some of them, like the Sunday Times journalist, blame the Bank for unjustified policy steps and point out that the inflation in the country has constantly been above the set target, which puts in doubt the Bank’s actions. Indeed, inflation is known to cause a multitude of problems; additionally, the depreciation of national currency adds to the insecurity of people. The expected budget deficit for this year is 6% of GDP, and the current account deficit reaches 3.6%. A view persists that with such indicators, Britain has to borrow externally to balance things out. This opinion is supported by the historical data presented in the article. The instabilities described may be tolerated for a while, but it is only a matter of time when they start reflecting upon the amount of investment. This is where the vicious circle really starts, with the draining of funds from the country that is already incapable of keeping the trade balance.

The situation in Great Britain is worrying to its citizens, financial experts, and average readers. It does not take a lot of insight to understand that a country like the UK cannot afford having a financial crisis in the existing economic environment without negatively impacting people’s lives and world economy. That is why the audience of the given article should hope that the Bank of England will be influenced by all the recent critique and propose a viable solution for the existing troubles.

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