The pound climbed about $2.10 for the first time since 1981 this morning, boosted by speculation that China was preparing to shift its foreign reserves out of dollars.
By 9.30am, one pound was worth $2.1027. The dollar, which has been weakening for several weeks, also hit a new all-time low against the euro of $1.4703.
All very good but, if the international currency system is headed for the rocks, should someone not be panicking? No sign of it on the stock exchanges, where apart from the banks (who have their own little - or perhaps not so little - problems) everything is apparently rosy.
I wish I thought that the financial geniuses in charge of our economies knew what they were doing. Increasingly, I suspect that they are as clueless as the rest of us.
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