...Going...And Going...And Going...

Just about two weeks ago, I mentioned how happy I was to see that the pound-dollar exchange rate had fallen to $1.73 per pound. Today, the exchange rate is at an unbelievable $1.53/£, the lowest it's been since 2002. Analysts in London are saying we might see it dip into the $1.40 range in the near future.

On top of that, the pound lost 9.8% of its value this week relative to the surprisingly strong dollar...that's the largest drop we've seen since 1971. While it doesn't bode well for the British economy, Prime Minister Gordon Brown is hoping that the low rates will encourage foreign investment and drive the UK economy out of its first recession in over a decade (the longest streak of economic growth in the past century).

Suffice it to say, I will be visiting the local Barclay's ATM in a big way in the next few days.