History shows that rigged exchange rates do not work. The Gold Standard…bankrupted many businesses and created mass unemployment.The snake in the 1970s failed to keep the pound at a constant value against the Continental currencies. The Exchange Rate Mechanism caused a bad recession, and then collapsed.
Since there is a wing of the LPUK that wants us to go back to a gold-based currency, I wondered if they would comment on this and point out why he might be right or wrong. Or if I'm just misunderstanding what he's saying.