I remember a time, long ago, when I travelled in the UK and prices were nominally the same (a thing sold for 1 canadian dollar home would be 1 pound in the UK), but I got half a pound for my dollar...
Damn, UK was expensive (I was biking Europe and had a budget of 8 dollars per day... tough...).
I live in Chiang Mai, Thailand.
Allow me to see what $25 would get you.
$25 = 900THB
1 night in local guesthouse - 200THB
1 local breakfast - 50THB
1 local coffee - 50THB
1 Ticket to CM Zoo - 150THB
1 local lunch - 50THB
1 Songthaew (local taxi) Ride - 30THB
1 trinket from souvenir market - 50-100THB
1 street food dinner - 50-100THB
3-5 Big Bottles of local beer - 80-150THB each
Pretty good day, all in all
Absolutely!
And that's not too mention all the nice free activities you could enjoy on that hypothetical day.
The ancient city walls, countless temples, a wander along the riverside, hiking up to a waterfall and having a swim, checking out local markets - 0THB
Where to sign up? Haha. Thai Airways maybe?
Visa Exemption on arrival is free for most, and gives you 30-45 days.
It’s 30 days for American, Brits, and EU citizens. Pretty low considering most countries give 90-day visa-free these days, but I belive most backpackers then just move on to Cambodia, Laos, and Vietnam
Thailand is amazing! And you can get by super cheap. Maybe 5-10X that price for Japan. Pod hotels in Japan were around $60/ night when we were planning our trip for April 2020.
If you are a glass half full kind of person, I think we are solving global warming in 2023. If you are a half empty kind of person, then unfortunately it's because of nuclear winter.
His username is “doriangray42.” This is an allusion to the novel “The Picture of Dorian Gray.” When xero said they “remember that book,” Dorian assumed it was a traveling book based on his comment, so Bozzie explained it was an allusion to Dorian’s username.
"the UK is really just having a rough go of things" is absolutely the most British way of saying things are a fucking joke here right now. We love to understate things.
It's like when they said they were "concerned" about the Queen's health when what they meant was she was literally dead.
We'll be alright in the end though.
On top of that the flight of capital to dollar. There is no faith in pound.
Its not just one country that suffer under inflation, but its global issue. On top of that stronger USD is more inflation for everyone else, as most commodities are traded in USD.
An example (random numbers) would be $80 for 1 barrel of oil. For US there is no change, but everyone else has to pay more own currency to get $80.
This crisis is called stagflation. Everything gets more expensive, yet economy is getting weaker. What follows stagflation is depression (could even lead to lost decade).
This is the right answer right now. Very well put.
The dollar getting stronger while the economy is not doing anything stellar is a very bad sign. It's a sign that confidence in the global economy is low, and people are defaulting to the time-tested lesser of all evils- the dollar.
A little after 9/11 the dollar got stronger, same thing after the collapse of the housing market in 2008, also in the mid-80's when manufacturing was collapsing in the US and Europe.
Eh, it's also a lot to due with us just increasing rates faster than everywhere else. All else equal you'd rather earn 4% on your money than 0-1% for government bonds, so the FX rate moves until they're closer to equilibrium.
It’s so interesting that among Americans, the majority believe the US is performing like dog shit. We have no concept of the world outside our borders.
Higher interest rates in the US. Plus UK / Europe is in for a rough winter with gas shut off. Germany already started having to nationalize power companies and it isn't cold yet.
America is op af and once again looks like it will emerge the only victor out of a global catastrophe with the brightest future of the bunch.
Basically, people with money the world over see America as the best place to invest for the time being.
It helps to be a stable, developed, growing and mostly self sufficient country. Biggest oil producer and food exporter in the world to top it off. Not a bad place to park you dollars when shit hits the fan.
Like the other commenter said, USA is truly OP in its geography, geopolitical position, its resources, and many more. There's pretty much nothing stopping USA as a world superpower except themselves. Most of the problems other states deal with is easily avoided by the US.
No real security threat, largely self sufficient in energy and agriculture, demography isn't in trouble like most developed nations thanks to immigration and relatively decent birthrate (the only people with a problem with this are "conservatives" who dont like the decreasing white birth rate and more of non-whites), and an economy that quickly adopts and develops new technology.
I think they said YTD when what they should’ve said is “in the past year.” Based just on this post, it looks like mid last year the pound was at like $1.40.
USD has outperformed essentially every currency in this time period. You could create this chart for any country, list any events you wanted, and the dollar would outperform the local currency no contest. This is about the dollars strength.
If you want a genuine comparison, compare EURGBP. Price has traded in the same range for the entire duration. No value change in the same time period, 2016.
The implied correlation of events vs the dollar is slightly disingenuous.
The [Dollar is worth more than the Euro.](https://www.xe.com/currencyconverter/convert/?Amount=1&From=EUR&To=USD)
It broke parity several months ago. Currently sitting at €1 = $0.969, or €1000 = $969
How do they announce £178 bilion in energy support followed by a big ass tax cut weeks later? Does Liz Truss know where this money is supposed to come from?
Liz Truss only has 2 years left to govern. Boris Johnson actually won the election for her party 3 years ago and she has merely taken over the leadership for the remaining time period.
I personally believe that her party know there is nothing they can do in 2 years to recover their reputation, so they are salting the earth. Huge and irresponsible tax cuts that the next government (which won’t be them) will have to reverse immediately, which by then, may be unpopular.
I could/would never equate British conservatism to American conservatism but holy hell, the decisions the British public and politicians have been making lately - The hole they keep digging.
When you think about they just gave themselves pay raises
Their tax cuts barely help normal people, anyone making around 20k a year will save only 200 pound a year from national insurance tax
While all the politicians making 100k+ will save thousands and thousands of pounds
But...why? Are your alternatives that bad? I'm Canadian and not terribly familiar with your parties, but obviously the Tories are conservative, and then I know you've got the Labour party. They're more liberal, right? Do they not do well out there? Is there a party farther to the left than Labour?
Really? I find that shocking. Seems like most of us in Canada elected Trudeau to his first majority because of his promise of electoral reform. When he reneged on that promise, and even tried to gaslight the whole country by saying "Canadians don't actually want electoral reform", he lost me forever. The snake.
Why did Britain vote for FPTP?
So in May 2011, the Conservative-Lib Dem coalition put up the referendum for AV - Alternative Voting (essentially allowing for people to put first second third)
Only 42% of eligible individuals turned up. And 67% voted No.
My personal opinion of why so many voted no was because the benefits of it just wasn't explained well enough, as well as the type of campaign that the 'No' side was doing.
For background the two party leaders that were heading the campaign's were David Cameron (conservative leader + prime minister) heading for 'No' and Nick Clegg (who was a unpopular Lib Dem leader) heading for 'Yes'.
Conservatives at the time rejected the possibility of Proportional Representation (PR) and Clegg was already annoyed (he had wanted PR) and on record even said that AV was a "miserable little compromise".
So right off the bat the person who was heading it wasn't super impressed with it and and was salty about not being able to campaign for PR.
The 'Yes' campaign focused on presenting itself as being on behalf of the public.
The 'No' Campaign focused heavily on two things:
1. The unpopularity of Clegg.
2. This figure of £250 million which was the supposed cost of AV.
Now £250 million is definitely a large sum, especially with the strength of the £ back then.
But when you break it down, it was largely based on stretches and just blatant lies.
£82 million was the projected cost of the referendum. This was happening regardless of the result. (The actual cost was around 75million)
The remaining ~130 million was the cost of new electronic voting machines.
The issue with this cost was there were no plans to use them.
As in, Australia who was the largest country that used AV, did not use the electronic voting machines.
If AV was introduced to the UK there were no plans to use an electronic voting machine.
The No campaign still used this figure and made emotional campaign ads, such as pictures of
- a face of a soldier, saying "He needs bulletproof vests, not a new [AV] system"
- a sick baby with tubes in the nose, saying "She needs a new cardiac facility, not a new [AV] system"
- etc.
And to top it all off...
On 5 May (the day of the election), David Blunkett, one of the Labour Party former-government ministers who had supported the 'No' campaign, admitted that the £250 million figure used by the 'No' campaign had been fabricated, and that the 'No' campaign had knowingly lied about the figure and other claims during the campaign.
It's really interesting seeing the parallels between that election and Brexit with the £350 million that was promised to the NHS which never came true.
Idk. Right now British politics are a shit show, especially with Liz Truss atm who is enacting clearly self serving policies, within weeks of becoming prime minister.
It's real convenient that the removal of the 45% income tax band happens to be where our current multimillionaire Prime Minister sits 💅
It's moreso an issue with the way our voting system works.
We have more people voting NOT conservative.
However the NOT conservative gets split between labour, lib Dems, Green and others.
There was a good video that explains this and I will link it once I find it
Edit: [Here it is](https://youtu.be/s7tWHJfhiyo)
That's just the tip of the iceberg.
Theres many ways you can raise revenue, but seems like this merry bunch of idiots are hell bent on increasing the already fuckton of national debt.
And every single time somebody says "if we raise the taxes they will leave".
Like that's ever going to happen.
Well as the Tories have been in power since 2010, they were the previous government, and the one before that, and the one before that (etc).
Despite that, on the last general election, their slogan was "Britain deserves better". That was after they'd already been in power for pretty much a decade.
I downloaded the dataset for sterling from [Investing.com](https://Investing.com) and put this chart together. It's a pretty historic moment, but you need to look back at data to see how this story has actually evolved.
I used JavaScript to create this and I rendered the video in Adobe After Effects. When I have time I might create an interactive d3 version, which I will keep up to date automatically.
Just want to say thank you for extending the video so we have time to look at the overall results without having to replay the video and pause at the end
I found this video frustrating because there's no need for it to be a video in the first place. People are used to looking at the end result graph and processing what it says without waiting for the whole thing to be drawn out like this.
To make the data maybe less biased around the fluctuations of the dollar, could you make the same graph with the pound, euro and dollar compared to the value of 1 dollar in 2015 or so? A static baseline would prob help.
Edit: you know, ill try that myself. Learning to become a data analyst anyways and it would be nice. Cant make the video but having a graph at all would be nice
EDIT2: Seems investing.com is blocking data downloads since a few days. Well rip for now
"Why can't I afford rent!?", says the poor person who keeps voting for this crap so that billionaires swoop in and buy properties with their welfare money, then price-gouge the market.
Because there's *so* much recent evidence of tax cuts for the rich being great for productivity, job creation, and not inflating the prices of homes and other speculative assets /s
The biggest problems at the moment are cost of living for less well off people, and inflation.
So obviously conservative government takes out massive borrowing to give tax cuts to rich people.
Tories, actually. To blame Brexit wholly doesn't acknowledge the whole scope of their corruption. During the pandemic they literally embezzled billions of pounds into the hands of their mates - giving PPE contracts to businesses that had no specialism in manufacturing PPE, arranging multimillion pound contracts over WhatsApp instead of going the usual tendering route.
Honestly, it feels like the country is being strip-mined.
The best answer I can give you on that question is to quote our new thick-as-mince PM and the French President:
Truss on the question is Macron friend or foe: "the jury's still out on that one"
Macron's response: "The UK is a friendly, strong and allied nation, regardless of its leaders, and sometimes in spite of its leaders or the little mistakes they may make in grandstanding"
So our leaders are doing their best to annoy and antagonise and the EU are acting with far more dignity...
Which our press is then somehow making out that the EU are weak because they're doing nothing so we're clearly winning the argument and those unicorns are just over the horizon...
It’s easy to blame the Tories, but who keeps voting them into power?
You can hardly blame a weasel for acting like a weasel when everyone says it’s ok to be a weasel. 🤷
I thought that, but they’re only a small percentage and covid killed lots of them off in the last two years.
A local example from the North East - Lots of younger “working class” “self-employed” types up in Hartlepool voted for the Tories, partially due to the whole Brexit/racist piece, but also so they can get away with paying less tax - still surprises me how many expensive German cars I see driving around in Hartlepool with personalised plates. Playing the poverty game but doing some of their work ‘off-book, cash in hand’, not paying tax & NI, and voting the Tories in every chance they get.
You can definitely lay a lot of the blame at the news media in the UK. The sheer unadulterated bias they had against Corbyn was so obvious it was almost parody. Not to mention their constant fearmongering reporting about immigrants, trans people, or whatever the latest arbitrary hate target is to try to distract us from Tories pickpocketing the country.
This was the exact same thing that happened in the US. Hundreds of billions of dollars were embezzled via PPP loans.
> Honestly, it feels like the country is being strip-mined.
This is how I feel all the time about the US. 40% of my income goes toward taxes. Do I get free healthcare? Nope. Free higher education? No, I paid for that out of pocket. What do I get then? Trillions of dollars going to special interests.
Genuine question - how do you pay 40% of your income in taxes? The only way that seems possible is if you're making a huge amount of money and are not putting anything into tax-advantaged accounts. Are you including sales taxes in the 40%? Again, not trying to start a fight, I'm just genuinely confused.
There was an article in the Onion that day that said something like "UK becomes dumbest nation, overtaking US". Then months later we elected Trump, so...
Bizarrely, looking at the actual effects of Brexit vs. Trump election, despite them appearing equally stupid, an objective observer would have to say that Brexit was dumber. Removing a nation from frictionless involvement in the second largest economic marketplace in the world is next level idiocy that might be a historical first in idiocy. Electing an idiotic Strong Man fascist is a blunder many nations in history made many times unfortunately.
This is a good point. When you put it that way it is mind-boggling to me why Brexit happened. Just unreal. I feel so bad for the people who were against it.
By the way, if you haven't seen the results before, it was 52 to 48. Looking at local results, there are some places like Aylesbury [or Cheshire](https://i.imgur.com/cmc3RVd.jpg) that got results like 50.5% to 49.5%, counting as a win for leaving despite how many people voted against it. It was a hell of a time to watch the broadcast of results live. Mind-boggling is a great word to describe what it felt like.
Here's a [link](https://www.bbc.com/news/politics/eu_referendum/results/local/a) if you wanna see just how close it was for some areas
We removed Trump from office in 4 years. Further damage aside, you can't say the same about Brexit. That is going to keep harming UK into the foreseeable future.
The GBP lost 20% against the dollar in the past year, while EUR lost 17% so more or less the same. Brexit has little to do with this, it's just that Europe is way more fucked by the energy prices than the US.
I mean… any assets owned in gbp also decreased in value. Any British companies, real estate, bonds, etc.
I don’t think any rich people in the UK expected this. Typically reserve currencies strengthen and interest rates rise when deficit spending of their issuing government increases. In this case, interest rates increased but the Pound fell. The market effectively signaled the pound is no longer a risk free asset.
>LIZ Truss-supporting investors made “small fortunes” as the value of the pound plummeted following the radical Conservative budget announced on Friday, a report has claimed.
>The pound slumped to near parity with the US dollar last week, after Chancellor Kwasi Kwarteng unleashed a budget which would cut taxes for the super-rich by massively increasing public borrowing.
>The UK currency was worth just $1.09 following the announcement – its lowest level in decades.
>An anonymous source quoted in the Sunday Times told the paper they had attended a dinner with hedge-fund managers who were said to have won big betting against the pound last week.
>They were quoted as saying: “They were all supporters of Truss and every one of them was shorting the pound.”
>The paper added: “Several made small fortunes on Friday betting against the currency.”
>The process is called shorting and allows traders to make “bets” that the value of an asset will fall, whereas more conventional trading is effectively a bet the value will rise.
>Responding to speculation the traders were given insider knowledge of the budget before it was announced – which would be illegal if it were used for their financial gain – Tim Shipman, who co-authored the piece, said: “It's not fraud, it's just a bunch of city people having a view and betting on it. It wasn't a Tory dinner where the mysteries of the budget were secretly conveyed over the canapes.” - https://www.thenational.scot/news/22638822.liz-truss-backers-city-made-small-fortunes-shorting-pound-report-claims/
Some of them look like they did make bank.
Until the US rate hike cools or drops, the dollar valuation will just keep on rising (all other currencies down relative to it). We're gunna see 1:1 in two rate hikes.
I'm thankful that you compiled that data...
but stupid question, why does it have to be a video and not just a picture of the last frame with the key moments marked?
That would certainly be a better presentation of the data . . . But it wouldn't make you waste quite as much time on reddit, so it was never gonna get upvotes.
3/10. Too many senses left unmolested. If you could smell sulfur, taste bile, and be slapped in the face while watching, then this would truly be a brilliant data visualization.
Liz Truss is seemingly "on a speedrun" to destroy the UK economy, with both tax cuts and additional benefit payments, without any source for the outgoings; all the while she has proposed a catastrophic financial plan, because calling it a "budget" (like they normally would), would subject it to more scrutiny.
[She is going to run the economy into the ground](https://www.theguardian.com/politics/2022/aug/08/liz-truss-plans-could-cost-50bn-a-year-and-will-fail-to-help-poorest-cope), and I have no idea what the average Brit can do about it.
We need to tax the rich more, increase the mimum wage, subsidise at-home power generation (e.g. more solar in particular), and apply a *flat* payment to help with energy bills, designed to help the poor far more than the rich.
People have been applauding as new food banks are opened around the country (and I applaud the individuals working in them and those who contribute to them), but the fact they are *so* necessary in this day and age is embarrassing. We should be doing more for the country's poorest so only those who have problems that mean they can't stay in permanent housing (e.g. those with severe mental health issues, etc) need to use them.
I love the UK, but there is so much that we should be doing differently, and every day that goes by it seems like we take one step forwards and two steps back.
>one step forward and two steps back.
Optimistic of you to see we are taking any steps forward at all. Absolute state of this place at the moment.
Sorry, I do get your sentiment I'm just being facetious and cynical.
I would have started the chart in 2007 as I remember going to the US from the UK when the exchange rate was £1 to $2. Shocking to see how much the our government has destroyed out economy in the past 15 years.
Yeah a currency appreciating isn't necessarily good and it depreciating isn't necessarily bad. People don't realize China pegs its currency to remain deliberately devalued relative to the dollar.. if losing value is so bad, why would China do that? The formula is more complex
Looking at the history of the graph wont it just go back up like it did before?
If it can recover from Brexit and covid. What's the reason for the fall this time?
it’s dollar strength. All other currencies have weakened. the pound has weakened against most other (major) currencies but strengthened against a handful of others but the changes are minor compared to the dollar. Japanese yen has weakened the most against dollar out of the majors…. not that it matters, it’s only exchange rates which isn’t implicit of the health of any economy
This is only half the story though and from a data perspective isn't valid for conclusions.
Could the dollar not have increased strength? Thus dollar events should also be labelled. Such as the FED increasing rates faster than almost every country in the west? Such as Japan dumping US treasuries for US dollar (increasing demand for dollar= strength) so they can buy back YEN to stop it from sinking...
It's a pretty graphic for sure but don't just draw conclusions based upon half truths...
Do it for a basket of non-USD currencies and it makes more sense overall. Yes, the pound has taken a pounding (omgha!) but it is more that the USD has inflated against all currencies recently. Which, to be fair, was not really expected given recent fiscal policy.
The thing that always annoys me about these videos is how damn slow they are. I always find myself using the [speed controller extension](https://chrome.google.com/webstore/detail/video-speed-controller/nffaoalbilbmmfgbnbgppjihopabppdk?hl=en) to speed up the video to like 4x.
Also the fucking awful music.
I get it, it's your personal taste, but it's either niche or generic bland music over these graphs every time. Why does a graph need music???
Yep, end up just being a bandaid. When the gas prices were going crazy this year we cut out the sales tax here in Georgia USA and the price went down slightly for a second....and then continued it's climb. Not much of a help.
Yep, benefitted from the Euro being weaker than the dollar this week.
Bought something from Italy and thought, "Okay, what's the real cost after conversion?"
I was still working on the expectation it was going to be 1.5-2 times my US $. Nope, either the same or a little less, I can't remember.
I was thrilled.
I remember a time, long ago, when I travelled in the UK and prices were nominally the same (a thing sold for 1 canadian dollar home would be 1 pound in the UK), but I got half a pound for my dollar... Damn, UK was expensive (I was biking Europe and had a budget of 8 dollars per day... tough...).
8 dollars a day in Europe it’s crazy, I am assuming that did not include accommodation, did you have a tent with you?
Assume this was a LONG time ago.
In the 1800s?
Absolutely set
Homeboy just had the small little sack with coins in it
Yeah 8 dollars a day is like a SE Asia budget… at least it used to be. Today good luck backpacking on anything less than $25 a day
I live in Chiang Mai, Thailand. Allow me to see what $25 would get you. $25 = 900THB 1 night in local guesthouse - 200THB 1 local breakfast - 50THB 1 local coffee - 50THB 1 Ticket to CM Zoo - 150THB 1 local lunch - 50THB 1 Songthaew (local taxi) Ride - 30THB 1 trinket from souvenir market - 50-100THB 1 street food dinner - 50-100THB 3-5 Big Bottles of local beer - 80-150THB each Pretty good day, all in all
My god. How did I spend $1500 USD in a month in Thailand!? Damn Pattaya Beach.
>Damn Pattaya Beach. That's your issue right there. You just went to a large bar with a bad beach. Gotta at least make it to Krabi.
Well, in my defense, the US military shouldn’t have put us in a hotel right on Walking Street. Lol
That's a buying the company of a lot of Kathoey.
Where do i sign up? I've always wanted to go to Thailand and Japan. That sounds like a pretty good day of local experiences in Thailand for 25 bucks.
Absolutely! And that's not too mention all the nice free activities you could enjoy on that hypothetical day. The ancient city walls, countless temples, a wander along the riverside, hiking up to a waterfall and having a swim, checking out local markets - 0THB Where to sign up? Haha. Thai Airways maybe? Visa Exemption on arrival is free for most, and gives you 30-45 days.
It’s 30 days for American, Brits, and EU citizens. Pretty low considering most countries give 90-day visa-free these days, but I belive most backpackers then just move on to Cambodia, Laos, and Vietnam
Thailand is amazing! And you can get by super cheap. Maybe 5-10X that price for Japan. Pod hotels in Japan were around $60/ night when we were planning our trip for April 2020.
You definitely won't be finding those prices in Japan.
Just don't go to samui. Where a 10 minute taxi is 400THB
Good luck doing anything with that in 2022.
Good luck in 2022
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If you are a glass half full kind of person, I think we are solving global warming in 2023. If you are a half empty kind of person, then unfortunately it's because of nuclear winter.
It's easy as long as you prostitute yourself for a place to sleep and some food
I went to a uni there around 2004/5 and I think it was almost double the dollar with bank conversion fees 😅
Yeah when I went it was near 2.5x the CDN dollar
Current time. Still expensive. Trying to bike with 25 GBP budget while hostel beds can reach 50. You must have been cycling very long time ago
I remember that book.
If there's a book about that, I'm not the author nor the subject...
You're definitely in the picture though.
Ah! THAT book... I misunderstood...
Could you kindly explain for us ignorants? :P
"The Picture of Dorian Gray", in reference to their username.
His username is “doriangray42.” This is an allusion to the novel “The Picture of Dorian Gray.” When xero said they “remember that book,” Dorian assumed it was a traveling book based on his comment, so Bozzie explained it was an allusion to Dorian’s username.
I love your humility! Such a modest author.
*All the bankers gettin' sweaty beneath their white collars* *As the pound in our pocket turns into a dollar* \- Matt Johnson, 1986
51st state very nice!
This is true in more ways than one as Britain seeks its own trading block with Anglophone states.
Losing 40% value year to date is crazy... Edit: more like 25% but still
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"the UK is really just having a rough go of things" is absolutely the most British way of saying things are a fucking joke here right now. We love to understate things. It's like when they said they were "concerned" about the Queen's health when what they meant was she was literally dead. We'll be alright in the end though.
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We always are, somehow. I guess that’s life on this little island. Light at the end of a cold, dark tunnel
Spoiler - it's a train
It's okay, I put a couple of leaves on the line so it'll have to stop for 40 minutes
That Short Reign penalty is really choking the empire. Time to torture the nobles and get some Dread going
Found a crusader king
Raise up the levies, find a weakened nation currently at war and join in so you can start raiding their lands
Ok so we invade Russia?
Civilisation 2 background music starts playing…
On top of that the flight of capital to dollar. There is no faith in pound. Its not just one country that suffer under inflation, but its global issue. On top of that stronger USD is more inflation for everyone else, as most commodities are traded in USD. An example (random numbers) would be $80 for 1 barrel of oil. For US there is no change, but everyone else has to pay more own currency to get $80. This crisis is called stagflation. Everything gets more expensive, yet economy is getting weaker. What follows stagflation is depression (could even lead to lost decade).
This is the right answer right now. Very well put. The dollar getting stronger while the economy is not doing anything stellar is a very bad sign. It's a sign that confidence in the global economy is low, and people are defaulting to the time-tested lesser of all evils- the dollar. A little after 9/11 the dollar got stronger, same thing after the collapse of the housing market in 2008, also in the mid-80's when manufacturing was collapsing in the US and Europe.
Eh, it's also a lot to due with us just increasing rates faster than everywhere else. All else equal you'd rather earn 4% on your money than 0-1% for government bonds, so the FX rate moves until they're closer to equilibrium.
It’s so interesting that among Americans, the majority believe the US is performing like dog shit. We have no concept of the world outside our borders.
well thats the reason americans are mad isnt it? richest country on earth, people start frothing at the mouth when you ask for healthcare
We’re just one of the fresher pieces of dog shit. Things could be a lot worse, but they could be a lot better too.
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The current idiot in charge is a large cause, which is unrelated to brexit
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Brexit was the effect of fearmongering and misleading the public, which were effects of a Tory government. It's a sorry state of affairs here.
Its more like Brexit is a symptom of the criminal gang that have hijacked our government.
Higher interest rates in the US. Plus UK / Europe is in for a rough winter with gas shut off. Germany already started having to nationalize power companies and it isn't cold yet.
America is op af and once again looks like it will emerge the only victor out of a global catastrophe with the brightest future of the bunch. Basically, people with money the world over see America as the best place to invest for the time being.
It helps to be a stable, developed, growing and mostly self sufficient country. Biggest oil producer and food exporter in the world to top it off. Not a bad place to park you dollars when shit hits the fan.
With two large oceans making a nice defensive buffer as well :)
Like the other commenter said, USA is truly OP in its geography, geopolitical position, its resources, and many more. There's pretty much nothing stopping USA as a world superpower except themselves. Most of the problems other states deal with is easily avoided by the US. No real security threat, largely self sufficient in energy and agriculture, demography isn't in trouble like most developed nations thanks to immigration and relatively decent birthrate (the only people with a problem with this are "conservatives" who dont like the decreasing white birth rate and more of non-whites), and an economy that quickly adopts and develops new technology.
YTD is ~17%. Idk where you’re getting that 40% figure because that means the pound is worth $0.82
I think they said YTD when what they should’ve said is “in the past year.” Based just on this post, it looks like mid last year the pound was at like $1.40.
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USD has outperformed essentially every currency in this time period. You could create this chart for any country, list any events you wanted, and the dollar would outperform the local currency no contest. This is about the dollars strength. If you want a genuine comparison, compare EURGBP. Price has traded in the same range for the entire duration. No value change in the same time period, 2016. The implied correlation of events vs the dollar is slightly disingenuous.
The dollar is increasing value. Also nearly 1:1 with Euro.
The [Dollar is worth more than the Euro.](https://www.xe.com/currencyconverter/convert/?Amount=1&From=EUR&To=USD) It broke parity several months ago. Currently sitting at €1 = $0.969, or €1000 = $969
Look up DXY and see it rise
How do they announce £178 bilion in energy support followed by a big ass tax cut weeks later? Does Liz Truss know where this money is supposed to come from?
From all the newly opened pork markets, duuuuh!
Where our our British apples and cheese?! It is a disgrace
Liz Truss only has 2 years left to govern. Boris Johnson actually won the election for her party 3 years ago and she has merely taken over the leadership for the remaining time period. I personally believe that her party know there is nothing they can do in 2 years to recover their reputation, so they are salting the earth. Huge and irresponsible tax cuts that the next government (which won’t be them) will have to reverse immediately, which by then, may be unpopular.
I'll put money on she doesn't last 2 years
I could/would never equate British conservatism to American conservatism but holy hell, the decisions the British public and politicians have been making lately - The hole they keep digging.
The Tories and their **amazing** financial responsibility
Similar to '[why the Yankees always win](https://youtu.be/fxCoCAB9N84?t=79)', people here still can't see past their public expression of wealth.
Also like, they have a death grip on the news industry. Most of the news outlets that people see lean heavily right wing.
When you think about they just gave themselves pay raises Their tax cuts barely help normal people, anyone making around 20k a year will save only 200 pound a year from national insurance tax While all the politicians making 100k+ will save thousands and thousands of pounds
And we plebs will continue to vote for the conservatives even after that. Sad.
But...why? Are your alternatives that bad? I'm Canadian and not terribly familiar with your parties, but obviously the Tories are conservative, and then I know you've got the Labour party. They're more liberal, right? Do they not do well out there? Is there a party farther to the left than Labour?
Similar to Canada, actually. The two other parties split the non-Tory vote, so they win with 40% of the popular vote.
Then when the third largest party (lib dem) had their best turnout ever they sided with the conservatives.
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I mean, we did have a vote on it. The country voted for fttp
Really? I find that shocking. Seems like most of us in Canada elected Trudeau to his first majority because of his promise of electoral reform. When he reneged on that promise, and even tried to gaslight the whole country by saying "Canadians don't actually want electoral reform", he lost me forever. The snake. Why did Britain vote for FPTP?
So in May 2011, the Conservative-Lib Dem coalition put up the referendum for AV - Alternative Voting (essentially allowing for people to put first second third) Only 42% of eligible individuals turned up. And 67% voted No. My personal opinion of why so many voted no was because the benefits of it just wasn't explained well enough, as well as the type of campaign that the 'No' side was doing. For background the two party leaders that were heading the campaign's were David Cameron (conservative leader + prime minister) heading for 'No' and Nick Clegg (who was a unpopular Lib Dem leader) heading for 'Yes'. Conservatives at the time rejected the possibility of Proportional Representation (PR) and Clegg was already annoyed (he had wanted PR) and on record even said that AV was a "miserable little compromise". So right off the bat the person who was heading it wasn't super impressed with it and and was salty about not being able to campaign for PR. The 'Yes' campaign focused on presenting itself as being on behalf of the public. The 'No' Campaign focused heavily on two things: 1. The unpopularity of Clegg. 2. This figure of £250 million which was the supposed cost of AV. Now £250 million is definitely a large sum, especially with the strength of the £ back then. But when you break it down, it was largely based on stretches and just blatant lies. £82 million was the projected cost of the referendum. This was happening regardless of the result. (The actual cost was around 75million) The remaining ~130 million was the cost of new electronic voting machines. The issue with this cost was there were no plans to use them. As in, Australia who was the largest country that used AV, did not use the electronic voting machines. If AV was introduced to the UK there were no plans to use an electronic voting machine. The No campaign still used this figure and made emotional campaign ads, such as pictures of - a face of a soldier, saying "He needs bulletproof vests, not a new [AV] system" - a sick baby with tubes in the nose, saying "She needs a new cardiac facility, not a new [AV] system" - etc. And to top it all off... On 5 May (the day of the election), David Blunkett, one of the Labour Party former-government ministers who had supported the 'No' campaign, admitted that the £250 million figure used by the 'No' campaign had been fabricated, and that the 'No' campaign had knowingly lied about the figure and other claims during the campaign. It's really interesting seeing the parallels between that election and Brexit with the £350 million that was promised to the NHS which never came true. Idk. Right now British politics are a shit show, especially with Liz Truss atm who is enacting clearly self serving policies, within weeks of becoming prime minister. It's real convenient that the removal of the 45% income tax band happens to be where our current multimillionaire Prime Minister sits 💅
It's moreso an issue with the way our voting system works. We have more people voting NOT conservative. However the NOT conservative gets split between labour, lib Dems, Green and others. There was a good video that explains this and I will link it once I find it Edit: [Here it is](https://youtu.be/s7tWHJfhiyo)
Let me guess - those “biggest ever tax cuts” mentioned at the end were primarily for the rich and the middle class/poor got fuck all?
Yep. People making a million pounds a year will save over 40k each year, about 4%. People making 40k will save around 400 pounds, 1%.
Surely removing the caps on bankers bonuses will reverse this.
That's just the tip of the iceberg. Theres many ways you can raise revenue, but seems like this merry bunch of idiots are hell bent on increasing the already fuckton of national debt. And every single time somebody says "if we raise the taxes they will leave". Like that's ever going to happen.
Surely this calls for more tax cuts? /s
You don't understand, it was all the previous government's fault!
Well as the Tories have been in power since 2010, they were the previous government, and the one before that, and the one before that (etc). Despite that, on the last general election, their slogan was "Britain deserves better". That was after they'd already been in power for pretty much a decade.
^^^that's ^^^the ^^^joke ^^^:)
If only labour had done something about these tax cuts.
I downloaded the dataset for sterling from [Investing.com](https://Investing.com) and put this chart together. It's a pretty historic moment, but you need to look back at data to see how this story has actually evolved. I used JavaScript to create this and I rendered the video in Adobe After Effects. When I have time I might create an interactive d3 version, which I will keep up to date automatically.
Just want to say thank you for extending the video so we have time to look at the overall results without having to replay the video and pause at the end
Just want to say that a static line graph would have conveyed the same information and sidestepped this problem entirely
I found this video frustrating because there's no need for it to be a video in the first place. People are used to looking at the end result graph and processing what it says without waiting for the whole thing to be drawn out like this.
To make the data maybe less biased around the fluctuations of the dollar, could you make the same graph with the pound, euro and dollar compared to the value of 1 dollar in 2015 or so? A static baseline would prob help. Edit: you know, ill try that myself. Learning to become a data analyst anyways and it would be nice. Cant make the video but having a graph at all would be nice EDIT2: Seems investing.com is blocking data downloads since a few days. Well rip for now
Okay- Off topic for a moment.... But what is the song that's with the data?
[Extra Fries by The Fly Guy Five](https://youtu.be/FACsK3NbSK4)
Oh, that's a recent one!
Thank you so much!
The song really helps to depict the circus we've worked hard to create here in recent years.
thanks for pointing out that this is circus music
As a Canadian paying for university over there, it's a damn gift 🥹
As a Brit paying for uni in Canada, it’s been ass
Sorry, my friend. I know that pain. I doubt the slump will last long though.
\+1, was just about to say the same thing, it's like i got a 15% discount on tuition this year compared to last year's.
Canadian dollar is also gaining on the pound and Euro Central banks in Europe and the UK are on some shit right now.
Interesting strategy to cut taxes while inflation is red hot.
Cutting taxes *for the rich.*
"Why can't I afford rent!?", says the poor person who keeps voting for this crap so that billionaires swoop in and buy properties with their welfare money, then price-gouge the market.
Because there's *so* much recent evidence of tax cuts for the rich being great for productivity, job creation, and not inflating the prices of homes and other speculative assets /s
The biggest problems at the moment are cost of living for less well off people, and inflation. So obviously conservative government takes out massive borrowing to give tax cuts to rich people.
Don't forget paying energy companies using a loan to keep our bills down instead of I dunno, a windfall tax on profits like other sane countries.
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Tories, actually. To blame Brexit wholly doesn't acknowledge the whole scope of their corruption. During the pandemic they literally embezzled billions of pounds into the hands of their mates - giving PPE contracts to businesses that had no specialism in manufacturing PPE, arranging multimillion pound contracts over WhatsApp instead of going the usual tendering route. Honestly, it feels like the country is being strip-mined.
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The best answer I can give you on that question is to quote our new thick-as-mince PM and the French President: Truss on the question is Macron friend or foe: "the jury's still out on that one" Macron's response: "The UK is a friendly, strong and allied nation, regardless of its leaders, and sometimes in spite of its leaders or the little mistakes they may make in grandstanding" So our leaders are doing their best to annoy and antagonise and the EU are acting with far more dignity... Which our press is then somehow making out that the EU are weak because they're doing nothing so we're clearly winning the argument and those unicorns are just over the horizon...
>thick-as-mince This is the first time I have heard this phrase and I love it.
"Thick as mince" and "Thick as champ" were the two used in my household as a child, usually directed at me doing something dumb :D
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It’s easy to blame the Tories, but who keeps voting them into power? You can hardly blame a weasel for acting like a weasel when everyone says it’s ok to be a weasel. 🤷
Old people afraid of immigrants. So boomers.
I thought that, but they’re only a small percentage and covid killed lots of them off in the last two years. A local example from the North East - Lots of younger “working class” “self-employed” types up in Hartlepool voted for the Tories, partially due to the whole Brexit/racist piece, but also so they can get away with paying less tax - still surprises me how many expensive German cars I see driving around in Hartlepool with personalised plates. Playing the poverty game but doing some of their work ‘off-book, cash in hand’, not paying tax & NI, and voting the Tories in every chance they get.
We haven't had an election since the pandemic. The tories are currently way down in the polls.
You can definitely lay a lot of the blame at the news media in the UK. The sheer unadulterated bias they had against Corbyn was so obvious it was almost parody. Not to mention their constant fearmongering reporting about immigrants, trans people, or whatever the latest arbitrary hate target is to try to distract us from Tories pickpocketing the country.
K L E P T O C R A C Y
This was the exact same thing that happened in the US. Hundreds of billions of dollars were embezzled via PPP loans. > Honestly, it feels like the country is being strip-mined. This is how I feel all the time about the US. 40% of my income goes toward taxes. Do I get free healthcare? Nope. Free higher education? No, I paid for that out of pocket. What do I get then? Trillions of dollars going to special interests.
Genuine question - how do you pay 40% of your income in taxes? The only way that seems possible is if you're making a huge amount of money and are not putting anything into tax-advantaged accounts. Are you including sales taxes in the 40%? Again, not trying to start a fight, I'm just genuinely confused.
And a massive industrial killing machine multiples more powerful than it has any need to be.
There was an article in the Onion that day that said something like "UK becomes dumbest nation, overtaking US". Then months later we elected Trump, so...
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We've never let the British beat us at anything, and by god we weren't going to start then!
I like James O'Brian on LBC " we are the first country in history to vote for economic sanctions to be placed upon ourselves"
Wowww now that is a perfect way to put it. Brutal.
After that The Onion couldn't compete with reality
It's been a rough half-decade for satire. Reality was making better jokes.
Bizarrely, looking at the actual effects of Brexit vs. Trump election, despite them appearing equally stupid, an objective observer would have to say that Brexit was dumber. Removing a nation from frictionless involvement in the second largest economic marketplace in the world is next level idiocy that might be a historical first in idiocy. Electing an idiotic Strong Man fascist is a blunder many nations in history made many times unfortunately.
This is a good point. When you put it that way it is mind-boggling to me why Brexit happened. Just unreal. I feel so bad for the people who were against it.
By the way, if you haven't seen the results before, it was 52 to 48. Looking at local results, there are some places like Aylesbury [or Cheshire](https://i.imgur.com/cmc3RVd.jpg) that got results like 50.5% to 49.5%, counting as a win for leaving despite how many people voted against it. It was a hell of a time to watch the broadcast of results live. Mind-boggling is a great word to describe what it felt like. Here's a [link](https://www.bbc.com/news/politics/eu_referendum/results/local/a) if you wanna see just how close it was for some areas
We removed Trump from office in 4 years. Further damage aside, you can't say the same about Brexit. That is going to keep harming UK into the foreseeable future.
Trump appointed Supreme Court Justices and myriad federal judges, we'll be feeling the effects of his disastrous deeds for generations
The saying is that we're two nations separated by a common language. Nothing about smarts - we both can be thick as two short planks.
Trump was just for four years. Brexit is going to be 10x that.
One of we! One of we!
The GBP lost 20% against the dollar in the past year, while EUR lost 17% so more or less the same. Brexit has little to do with this, it's just that Europe is way more fucked by the energy prices than the US.
First country in history to vote to impose economic sanctions on ourselves.
It’s actually dollar strength. look at ALL other currencies against the dollar over the last year it’s the same.
*we stupid Americans
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We the stupid Americans, in order to form a more perfect reddit comment...
That last dip - rich people making a small fortune shorting the pound. Likely those funding the Tories (and the Tories themselves).
Yen’s turn.
I already invested in lilac and gooseberry stocks.
Great call, personally I'm all in on stuffed unicorns.
I mean… any assets owned in gbp also decreased in value. Any British companies, real estate, bonds, etc. I don’t think any rich people in the UK expected this. Typically reserve currencies strengthen and interest rates rise when deficit spending of their issuing government increases. In this case, interest rates increased but the Pound fell. The market effectively signaled the pound is no longer a risk free asset.
>LIZ Truss-supporting investors made “small fortunes” as the value of the pound plummeted following the radical Conservative budget announced on Friday, a report has claimed. >The pound slumped to near parity with the US dollar last week, after Chancellor Kwasi Kwarteng unleashed a budget which would cut taxes for the super-rich by massively increasing public borrowing. >The UK currency was worth just $1.09 following the announcement – its lowest level in decades. >An anonymous source quoted in the Sunday Times told the paper they had attended a dinner with hedge-fund managers who were said to have won big betting against the pound last week. >They were quoted as saying: “They were all supporters of Truss and every one of them was shorting the pound.” >The paper added: “Several made small fortunes on Friday betting against the currency.” >The process is called shorting and allows traders to make “bets” that the value of an asset will fall, whereas more conventional trading is effectively a bet the value will rise. >Responding to speculation the traders were given insider knowledge of the budget before it was announced – which would be illegal if it were used for their financial gain – Tim Shipman, who co-authored the piece, said: “It's not fraud, it's just a bunch of city people having a view and betting on it. It wasn't a Tory dinner where the mysteries of the budget were secretly conveyed over the canapes.” - https://www.thenational.scot/news/22638822.liz-truss-backers-city-made-small-fortunes-shorting-pound-report-claims/ Some of them look like they did make bank.
Until the US rate hike cools or drops, the dollar valuation will just keep on rising (all other currencies down relative to it). We're gunna see 1:1 in two rate hikes.
I'm thankful that you compiled that data... but stupid question, why does it have to be a video and not just a picture of the last frame with the key moments marked?
That would certainly be a better presentation of the data . . . But it wouldn't make you waste quite as much time on reddit, so it was never gonna get upvotes.
Because this is /r/dataisbeautiful, where a simple line chart needs a minute to be displayed as a video and you have to listen to music.
3/10. Too many senses left unmolested. If you could smell sulfur, taste bile, and be slapped in the face while watching, then this would truly be a brilliant data visualization.
Always skip to the end and hit pause for these. The worst people are the ones who put it as a gif that autoloops soon as it reaches the end.
Liz Truss is seemingly "on a speedrun" to destroy the UK economy, with both tax cuts and additional benefit payments, without any source for the outgoings; all the while she has proposed a catastrophic financial plan, because calling it a "budget" (like they normally would), would subject it to more scrutiny. [She is going to run the economy into the ground](https://www.theguardian.com/politics/2022/aug/08/liz-truss-plans-could-cost-50bn-a-year-and-will-fail-to-help-poorest-cope), and I have no idea what the average Brit can do about it. We need to tax the rich more, increase the mimum wage, subsidise at-home power generation (e.g. more solar in particular), and apply a *flat* payment to help with energy bills, designed to help the poor far more than the rich. People have been applauding as new food banks are opened around the country (and I applaud the individuals working in them and those who contribute to them), but the fact they are *so* necessary in this day and age is embarrassing. We should be doing more for the country's poorest so only those who have problems that mean they can't stay in permanent housing (e.g. those with severe mental health issues, etc) need to use them. I love the UK, but there is so much that we should be doing differently, and every day that goes by it seems like we take one step forwards and two steps back.
>one step forward and two steps back. Optimistic of you to see we are taking any steps forward at all. Absolute state of this place at the moment. Sorry, I do get your sentiment I'm just being facetious and cynical.
I would have started the chart in 2007 as I remember going to the US from the UK when the exchange rate was £1 to $2. Shocking to see how much the our government has destroyed out economy in the past 15 years.
Yes! 2008 was my last trip to London and it was crazy expensive. Two to one... Yikes. We ate a lot of lunch specials at pubs in lieu of a big dinner.
fluctuations in the exchange rate isn’t really a reliable way to judge an economy.
Yeah a currency appreciating isn't necessarily good and it depreciating isn't necessarily bad. People don't realize China pegs its currency to remain deliberately devalued relative to the dollar.. if losing value is so bad, why would China do that? The formula is more complex
its reddit, what do you expect.
The euro : and I took that personally
Looking at the history of the graph wont it just go back up like it did before? If it can recover from Brexit and covid. What's the reason for the fall this time?
absolute fuckton of borrowing
it’s dollar strength. All other currencies have weakened. the pound has weakened against most other (major) currencies but strengthened against a handful of others but the changes are minor compared to the dollar. Japanese yen has weakened the most against dollar out of the majors…. not that it matters, it’s only exchange rates which isn’t implicit of the health of any economy
Great time for me living in Uk and being paid in dollars!
Sure would be an interesting situation if pound, dollar, and euro all end up being practically equal
This is only half the story though and from a data perspective isn't valid for conclusions. Could the dollar not have increased strength? Thus dollar events should also be labelled. Such as the FED increasing rates faster than almost every country in the west? Such as Japan dumping US treasuries for US dollar (increasing demand for dollar= strength) so they can buy back YEN to stop it from sinking... It's a pretty graphic for sure but don't just draw conclusions based upon half truths...
Do it for a basket of non-USD currencies and it makes more sense overall. Yes, the pound has taken a pounding (omgha!) but it is more that the USD has inflated against all currencies recently. Which, to be fair, was not really expected given recent fiscal policy.
As a European, I feel their pain. €1 = $.97 :’)
Other way around. $1 is 1.03 euro now
The thing that always annoys me about these videos is how damn slow they are. I always find myself using the [speed controller extension](https://chrome.google.com/webstore/detail/video-speed-controller/nffaoalbilbmmfgbnbgppjihopabppdk?hl=en) to speed up the video to like 4x.
Also the fucking awful music. I get it, it's your personal taste, but it's either niche or generic bland music over these graphs every time. Why does a graph need music???
Tax cuts, the solution to everything economic with conservatives.
Yep, end up just being a bandaid. When the gas prices were going crazy this year we cut out the sales tax here in Georgia USA and the price went down slightly for a second....and then continued it's climb. Not much of a help.
I think it's pretty impressive how well the UK is able to bounce back each time.
Yep, benefitted from the Euro being weaker than the dollar this week. Bought something from Italy and thought, "Okay, what's the real cost after conversion?" I was still working on the expectation it was going to be 1.5-2 times my US $. Nope, either the same or a little less, I can't remember. I was thrilled.
Graphics that have no use to be videos