“The only two certainties in life are death and taxes,” says the adage. It may very well be true, but economists like to add a third certainty to this list: national income identities. Perhaps the most famous of these identities is the one stating that a country’s net national savings – basically its ability to self-fund its investments – is always equal to its current account — that is, the balance of its trade and net foreign income. This identity never lies, and these days it is telling a simple yet frightening tale for the United Kingdom and the British pound — all without having to invoke catastrophic or prejudiced punditry. Here is the identity’s tale. The UK typically spends
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