CAPTAINSCOTTY'S CANNABIS COALITION

[captainscotty]

#CANNABIS_NATION: The Fifth Largest Economy in the World Just Lost Control of Its Currency....!

https://www.zerohedge.com/news/2022-09-28/fifth-largest-economy-world-just-lost-control-its-currency


BY PHOENIX CAPITAL RESEARCH
WEDNESDAY, SEP 28, 2022 - 8:57
By Graham Summers, MBA

The financial system is beginning to break.

The Bank of England (BoE) is now the first major central bank to lose control of its respective bond and currency markets.

Last week, the new government in the U.K. introduced a series of tax cuts to stimulate the economy. British government bonds, also called Gilts, responded by imploding. The yield on the 10-Year British Gilt rose from 3.2% to over 4.4% in a single week.

This is what it looks like when a bond market begins to fail.

https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/GPC92822.png?itok=f9thdgnZ\






That is not all. The British currency, called the Pound, also collapsed, hitting a 35 year low.

https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/GPC928222.png?itok=aZenLjhp






Let’s be clear here. We are talking about the FIFTH largest economy in the losing credibility in the bond and currency markets before our very eyes.

How bad is it?

The Bank of England just announced it would start a NEW Quantitative Easing (QE) program, to try and “put a floor” under its bond market.

The Pound responded by dropping to new lows.


https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/GPC828223.png?itok=B7PT0VtI







As I keep stating, the Great Crisis… the one to which 2008 was a warm-up, has finally arrived. In 2008 entire banks went bust. In 2022, entire countries will do so.