Good lord

"Dusty Ventures" (dustyventures)
06/23/2016 at 23:00 • Filed to: None

!!! UNKNOWN CONTENT TYPE !!!

And it’s fallen even further. According to Google the pound is now down to $1.38. This is the equivalent of suddenly losing $80 for every $1,000 to your name.

UPDATE: Now down to $1.35 as of 11:15 PM EDT (4:15 AM GMT)

DISCUSSION (36)

KirkyV > Dusty Ventures
06/23/2016 at 23:06

I miss my money.

BorkBorkBjork > Dusty Ventures
06/23/2016 at 23:07

It’ll bounce, especially with all of the currency traders wanting to get GBPs for cheap. Then it will level out to a more reasonable, albeit lower, valuation.

Raymundo > Dusty Ventures
06/23/2016 at 23:07

I know this is very uncouth and I do really hate to say this but I reeeaaaallly want to type the letters.

Sucks to suck.

OPPOsaurus WRX > Dusty Ventures
06/23/2016 at 23:08

Sounds like a good time to import some old Jags

wafflesnfalafel > Dusty Ventures
06/23/2016 at 23:08

Yes but what does Jeremy Clarkson have to say?

My citroen won't start > Dusty Ventures
06/23/2016 at 23:09

This means it is the best time to buy this? Right?

Kinja'd!!!

not for canada - australian in disguise > Dusty Ventures
06/23/2016 at 23:09

Now they know how we (Canadians) feel!

TheTurbochargedSquirrel > Dusty Ventures
06/23/2016 at 23:10

I’m no economist but what does this do to the prices of Escorts and Minis?

Dusty Ventures > TheTurbochargedSquirrel
06/23/2016 at 23:13

I think this is the time to fill some shipping containers with an Oppo group buy

Dusty Ventures > BorkBorkBjork
06/23/2016 at 23:16

No doubt it’ll bounce, the question is how far will it drop before then, and how much will it bounce. It’s gone down another three cents since I posted this, the $1.38-$1.40 range could be where it bounces back to. In which case, ouch.

CB > Dusty Ventures
06/23/2016 at 23:17

I’d like a Dacia Sandero, please.

My bird IS the word > Dusty Ventures
06/23/2016 at 23:18

I’ll take out a loan on a caterham or an ultima :)

TheTurbochargedSquirrel > Dusty Ventures
06/23/2016 at 23:19

But I’m looking at this thinking that before I could get 1.5pounds for each of my dollars where now I only get 1.35 pounds for each dollar. If the asking prices stayed the same everything just got more expensive. But I also think that my dollar is now worth more compared to their pound which means stuff should be cheaper. I am confused.

Daily Drives a Dragon - One Last Lap > Dusty Ventures
06/23/2016 at 23:19

My dad actually told me that the pound is dropping. He asked if I had my eyes on a particular car to buy,

KirkyV > TheTurbochargedSquirrel
06/23/2016 at 23:23

It’s the other way around.

Before, a single pound was worth $1.50. (That is, you’d pay $1.50 to get Ł1.) Now it’s worth $1.35.

The Dummy Gummy > Dusty Ventures
06/23/2016 at 23:23

How’s the saying go “reap what you sow”.

BorkBorkBjork > Dusty Ventures
06/23/2016 at 23:25

$1.40 is where I bet it will stay, at least until all of the technicalities get worked out. Once the pundits are able to pour over all of the specifics of an actual, never-before-done, EU exit, then we will see whether the GBP recovers or not.

Right now, this is all just uncertainty, which destroys markets. Like in 2008 when NOBODY knew the criteria behind which companies were going to get bailouts and which weren’t.

TheTurbochargedSquirrel > KirkyV
06/23/2016 at 23:25

That makes more sense. Now to start looking for MK1 Escorts.

Dusty Ventures > TheTurbochargedSquirrel
06/23/2016 at 23:27

No no, you’ve got it backwards. It’s $1.50 dollars for each pound turning into $1.35 dollars for each pound. Going from dollars to pounds, your dollar, worth 0.67 pounds yesterday is now worth 0.74 pounds. Or, inflating it (because larger numbers show the scale better), if you had $1,000 it was worth 670 pounds yesterday and is now worth 740 pounds. You’ve gained 70 pounds.

The Dummy Gummy > TheTurbochargedSquirrel
06/23/2016 at 23:27

You’re going the wrong way, for every dollar you would get 50 pence or whatever the conversion is. Now you’d get more.

KirkyV > TheTurbochargedSquirrel
06/23/2016 at 23:28

Kinja'd!!!

don’t take them away from us

TheTurbochargedSquirrel > Dusty Ventures
06/23/2016 at 23:29

“You’ve gained 70 pounds”

Damn it. That’s a loss of 7hp.

Reading the graph backwards is what had me so confused.

interstate366, now In The Industry > Dusty Ventures
06/23/2016 at 23:30

R32 GT-R for me, please.

interstate366, now In The Industry > Dusty Ventures
06/23/2016 at 23:31

*waits for paycheck to direct deposit at midnight*

The Dummy Gummy > Dusty Ventures
06/23/2016 at 23:32

It’ll go lower once it is locked in that they're exiting.

The Dummy Gummy > BorkBorkBjork
06/23/2016 at 23:34

Lol this won’t destroy the market and the pound will go lower. A lot of the markets already had this baked in. Sure they will all open lowers but we aren’t going to see a major crash because of this.

TheTurbochargedSquirrel > KirkyV
06/23/2016 at 23:34

But why do you get all the rally Escorts? We want some too!

BorkBorkBjork > The Dummy Gummy
06/23/2016 at 23:36

I used “destroy” as a bit of an exaggeration. The drop in the GBP is almost entirely due to speculation, caused by uncertainty.

The Dummy Gummy > BorkBorkBjork
06/23/2016 at 23:37

It’s due to the votes coming in favoring the exit. 62% votes in for 51.1 lead to exit.

The U.K. Will be a weaker economy for the first few years of exit.

For Sweden > Dusty Ventures
06/23/2016 at 23:41

Eveyone please mail Greenbacks to Great Britain during this trying time.

fintail > Dusty Ventures
06/23/2016 at 23:54

I can’t imagine it staying below 1.30 or so for any period of time. If the Euro falls below par with the greenback, it might be time for a trip.

Maybe this is what they for for centralizing too much power in the hands of faceless spineless Brussels bureaucrats. EU needs to be trade based, and not much more.

On a positive note, it soon might be a good time for a holiday in Blighty.

Frank Grimes > Dusty Ventures
06/24/2016 at 00:05

i want a sierra cosworth or renault clio v6 or renault megane renault sport

Chasaboo > Dusty Ventures
06/24/2016 at 00:16

That thing is headed into peso territory.

PatBateman > Dusty Ventures
06/24/2016 at 00:57

Upside: I might finally be able to vacation in London.

facw > wafflesnfalafel
06/24/2016 at 02:21

Depends on whether Amazon pays him in Dollars or Pounds.

Smallbear wants a modern Syclone, local Maple Leafs spammer > TheTurbochargedSquirrel
06/24/2016 at 06:56

Dollars per pound, not pounds per dollar. Your cost has dropped 10%.