The UK and US share an approach which will (is) costing both dearly. A country has to make its way in the world by earning foreign revenue to buy foreign goods. In UK / US we used the "gift" of oil and mineral resources to get out of the tedious business of earning a living. Countries which are resource based can set up "future funds" (see Norway and now UAE, Qatar and even SA) to take over when they can no longer pump / dig up a standard of living. Countries with little natural resource have had to work. Singapore has only its people and its location so it works and invests to be the best educated place on the planet, the best connected and generally so useful "foreigners" will pay for its services. Japan imports almost all its raw materials. They have trudged through a relative recession but are coming out with a capability in many areas that is saleable. The UK / US are doing / have done none of these things. The City of London is world class and earns a good (foreign currency) living but it cannot carry the rest of the country. Thus coming to your point both the £ and $US are long term weak currencies but the $US has the reserve currency advantage right now which will give it a bit longer.