Italy, Russia and Swiss buy Pounds. Sterling now world’s third biggest reserve currency.

We all recall the horror stories spread by euro-fanatics when Britain did not join the disastrous EURO. The Pound would sink without trace, the Euro would be the reserve currency of the future and the British economy along with the City of London would collapse! Needless to say they were completely wrong on all counts.

It was the Euro which proved the disaster, it was the European economy which has virtually stagnated (with up to 12% unemployment in the Euro-zone) since the launch of the Euro while the Japanese lost billions by assuming that the Euro would prove a strong reserve currency. The UK has now had almost 14 years of growth since the policy of John Major and Kenneth Clarke (the ERM, a dry run of the Euro) proved disastrous in 1992 and with one bound the Pound was free of Euro-control.

Now we see that the Pound Sterling is returning to its old role as a reserve currency for the world’s major central banks. The Bank of Italy has now followed the Russians and the Swiss by buying for their foreign exchange reserves, large amounts of Sterling. 24% of Italy’s reserves are now in Pounds, partly because the US Dollar is entering a period of real weakness and partly because the Pound has proved far more reliable than eg the Euro.

The Italian central bank has a good reputation for investment decisions. Unlike Gordon Brown, who sold gold at the bottom of the market only to see it rise to the giddy heights of $650 an ounce, the Bank of Italy maintained its gold reserves and is undoubtedly hedging its bets on its continued membership of the Euro.

It is already the official policy of one major political party in Italy to leave the Euro because the Italian economy has been brought to its knees by the gross rigidities of Euro interest rates and currency levels which impossibly apply from Ireland to Greece, from Italy to Finland and from Portugal to Germany!

The City of London has rarely looked more powerful and the Pound never more attractive (known global reserves of Sterling have risen from £55billion to £111billion in just two years).

How sad for the eurofanatic traitors. How Clarke, Gummer, Heseltine, Major, Kennedy and Blair will be weeping into their Liebfraumilch! We can identify our enemies by seeing who is disappointed at our success.

But it is time for British patriots and democrats to rejoice!