“The Forthcoming Era of No Money”
In the New York Times:
The government’s immediate task will be to reassure the markets that Britain is serious about repairing its ruined public finances. This was the election issue the parties all preferred to ignore, fancying, correctly, that the electorate couldn’t handle the truth about the forthcoming Era of No Money. But that reckoning can be postponed no longer. Morgan Stanley on Tuesday advised investors to short the pound, a warning shot that should concentrate minds in Westminster.
Of course the public “couldn’t handle the truth.” These stupid British voters might go around thinking they get to set public policy, rather than the benevolent hand of the international currency market.