There are financial and political chokepoints that are obvious to all. The idea we can just sail around them, as we can see, isn't bulletproof. If the economy stalls and liabilities build up, what do we do when there is...no room to manouevre? That's what sterlingisation is.
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You get stuck between two central banks, England and ECB, with no means of either of them offering a route out via rates or QE. You have a rapidly tightening money supply with a backlog of voter demands. You're...stuck.
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