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19: How we broke the British pound, with Rob Johnson

Onward, a Fundrise Production

CHAPTER

The Effects of Breaking From the ECM on the Economy

The interest rates before this were about 10%. And they raised them to 15% effectively in 48 hours. So imagine raising our interest rates 15% and then having that still not affect the currency exchange rates. The British pound was arguably the global reserve currency certainly had been for 100 plus years. Even more so than dollar today in the sense of prestige, I feel like it had more sort of identity with colonialism and...

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