The UK Pension Funds Are Now Going Bust, Right?

When you have an inflation rate of 10%, you need to be tightening monetary policy, not loosening. The only way they'll get out of it is starting weakens dramatically. As the Euro falls, Europeans will become less rich because our purchasing power falls. I think that's a much more sensible strategy than trying to follow the Americans. In Europe, still the rate of inflation is very much an energy issue and only an energy issue. It hasn't been for a long, long time in Europe. We're self-sufficient in food. So when Sterling falls, as Mark was saying, straight away food prices rise. But imagine now interest rates at 6% next year in America. That