doesn't disconnect it per se, think of it more like a weighted average.
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value of £ is a reflection of london's successes and poor ex-mining towns.
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In international exchange, sure, but this is only small part of value in daily life for poor ex miners
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Replying to @garrettlgray @robvfour
the value of the pound controls the cost of imported goods to the UK, ergo cost of living...
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...and it also determines how much UK exports can be sold for overseas, helping or hurting local production
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exports pay for imports, so what happens when your local economy can import things that *its* exports didn't buy?
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Local production can pay for imports too, this has not yet been understood
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Replying to @garrettlgray @robvfour
local production does pay for imports! all imports are paid for by some kind of production, question is whose
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And the conventional answer is, "Only those sold overseas." This is not correct, societies generate absolute wealth
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Exports don't have to equal imports
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not on national scales, they don't...
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