Thailand is currently a political and economic basket-case. The new government has been paralysed by the activities of supporters of former premier Thaksin Shinawatra. When they occupied Bangkok's Suvarnabhumi International airport they destroyed the crucial tourist industry at a stroke. Vehicle assembly work has collapsed, and the cranes throughout Bangkok are at a standstill, with 60,000 unsold apartments on the market.
Despite this, the pound has slumped against the Thai Baht. Six months ago one pound would buy you 75 Baht. Today it will buy you 50. What does that say about the money market's views of the UK economy?
It also tells you that Gordon Brown's claim that we are best placed to stand the global recession is at best spurious and at worst mendacious. Virtually every economic indicator shows the direct opposite.