觀點英鎊

Stop looking for a bogeyman to explain sterling’s collapse
不要再給英鎊崩潰找藉口了

Rather than blaming hedge funds or the strong dollar, look to the woefully misnamed ‘mini-Budget’
與其把英鎊崩潰歸咎於強勢美元、英國央行或對沖基金,不如把矛頭轉向被錯誤命名的「小預算」。對市場不友好的政策組合纔是更明顯的罪魁禍首。

When a currency plunges into crisis, it is common to seek out someone to blame. Eight years ago, in Ghana, “dwarfs” and “black magic” took some of the heat for a collapse in the cedi. In Turkey, President Recep Tayyip Erdoğan has frequently lashed out at a shadowy “interest rate lobby” for its supposed efforts to hammer the lira. In both cases, market-unfriendly policy mixes were more obvious culprits.

當一種貨幣陷入危機時,人們通常會尋找替罪羊。8年前,在迦納,「侏儒」和「黑魔法」爲其貨幣塞地的崩潰承擔了部分責任。在土耳其,總統雷傑普•塔伊普•艾爾段(Recep Tayyip erdogan)經常抨擊一個神祕的「利率遊說集團」,稱其試圖打壓其貨幣里拉。在這兩個例子中,對市場不友好的政策組合是更明顯的罪魁禍首。

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