Turns out a pound sterling is worth about two grams now.
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2/2: UK strength built on global free trade,+not Empire. Retreating into Empire during our decline, prevented modernisation.
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Cont: Exchange rate crude indicator of strength.Big Mac Index alone says $ overvalued against almost every currency on Earth.
End of conversation
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1/2: No simplistic link between Empire+UK decline. At our mid Victorian peak, only 37% of UK exports went to the Empire.
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