Tag Archives: pound

The Bretton Woods system was intentionally set up to funnel monetary convertibility through official channels. The primary characteristic of any true gold standard is that any person who wishes can change paper claims into hard money. It was as much true in any one country as between those bound by the same legal framework (property). What might differ were the standards for satisfying those claims (“good delivery”...

To say that the Brexit vote on June 23 took financial markets by surprise would be an understatement. The pound, British stocks, and Gilt yields had all risen sharply in the week leading up to the vote, only to crash once the results started coming in. Broadly speaking, strategists on Credit Suisse’s Global Markets and Investment Solutions and Products (IS&P) teams expect markets to remain volatile in the coming days and for investors to prefer safe assets to risky ones. Below, we...