British Pound crashing because Labour candidate now favored in next week's elections? And...is this the beginning of change?

Is that what this rout is all about?

British pound is down nearly 300 basis points from the highs this morning. Why? Because Labour Party candidate, Ed Miliband, is now favored to replace David Cameron in next week's elections?

Really?

As if Cameron has been good for the pound? As if growth has been anything but terrible under his leadership?

Dare I say it, but are we starting to (finally) witness the winds of change? Bernie Sanders. Hillary (jury still out on her). Bill De Blasio NYC, Miliband. Heck, I'll even thow in Tsipras and Syriza despite all their blunders.

Progressives...anti-austerians...pro-growth...

Plus...

Spreading outrage against police brutality. Even homicide charges brought against the cop in South Carolina who killed Michael Slager and now against the six cops in this new, Freddie Grey murder.

(Not like the fucking pathetic Staten Island Grand Jury morons and corrupt prosecutor in the Eric Garner case.)

And even this, I just learned...a bipartisan bill in both the House and Senate that seeks to roll back meta data collection by the NSA. BIPARTISAN!!!

Dare I say it? Are things starting to change?

P.S. I'd be buying the pound and I am.

Cameron admits failure to slay the "debt demon"

The warning comes as the global economy stands on the brink of a “chronic” debt-driven recession.

The Prime Minister on Monday conceded that tackling Britain’s debts was “proving harder than anyone envisaged”, raising the prospect that the Coalition would be unable to close the deficit by 2014-15.

That would rule out any significant tax cuts before the next election. It also raises questions about the Coalition’s fundamental purpose.

Departing from the deficit-reduction timetable could raise fears that Britain will face rising borrowing costs as bond markets take fright.

Debt is “a drag on growth”, Mr Cameron told business leaders. “We are well behind where we need to be,” he said....

Read the rest at The Telegraph (UK)

David Cameron: our plan to cut debt is failing

by James Kirkup, and Robert Winnett

MMT to Cameron: "Told ya so."

Mr Cameron insisted that he would not deviate from the plan to cut spending, insisting that slowing growth “undermines further the case for adding to the national burden of debt with even more borrowing”.

Daft, as they say over there.

It's the sectoral balances, stupid.