tigerfort: (Default)
[personal profile] tigerfort
Today's drop in the value of the pound (against the USD, specifically) was, as many people have noted, the largest ever recorded. That's true, but doesn't give a real sense of how unprecedented it is: today's drop - from day's end to day's end - was bigger than the second and third largest drops put together. If you count from yesterday's peak at the start of counting to today's nadir (ie 24-hr high to low), the Leave drop is larger than the second, third, and fourth largest currency crashes in UK history put together.

(For reference, drops two to four are the "Winter of Discontent" in 1978, the UK's ignominious exit from the ERM in 1992, and the 2008 financial crisis, in that order.)

Except that according to Krugman none of that is even remotely true. Which makes me wonder where the BBC (and others reporting the same) got their figures from, given how far off they look to be. (The BBC gives the ERM crash as 4.3%, Krugman says "about a quarter". That's a big difference!)

Correction to the correction: Krugman turns out to be comparing yesterday's single-day change with the longer-term effects of other catastrophes. The original stands. Thanks to [personal profile] ewx for pointing this out.
From:
Anonymous( )Anonymous This account has disabled anonymous posting.
OpenID( )OpenID You can comment on this post while signed in with an account from many other sites, once you have confirmed your email address. Sign in using OpenID.
User
Account name:
Password:
If you don't have an account you can create one now.
Subject:
HTML doesn't work in the subject.

Message:

 
Notice: This account is set to log the IP addresses of everyone who comments.
Links will be displayed as unclickable URLs to help prevent spam.

Profile

tigerfort: (Default)
tigerfort

May 2017

S M T W T F S
 123456
7 8910111213
14151617181920
21222324252627
28293031   

Most Popular Tags

Style Credit

Expand Cut Tags

No cut tags