“2012 has been an extraordinary year for our country. We cheered our Queen to the rafters with the Jubilee, showed the world what we're made of by staging the most spectacular Olympic and Paralympic Games ever and - let's not forget - punched way above our weight in the medals table.”

“But because we in the United States finance our current account deficit by borrowing in our own currency, we can move to a more competitive dollar without the adverse effects that followed currency declines in other countries.”