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My, how the world has changed in the past year. I'm not talking about politics at the moment, but close -- economics. When I moved to England, nearly thirty-two months ago, I started tracking the dollar/pound exchange rate. At the time, it was quite relevant, as I was importing dollars to get myself set up here. Even after it ceased to be important, however, I kept an eye on the exchange rates. They're numbers, and I can be a wee bit obsessive-compulsive about numbers! Who'da thunk it? (Having an officemate even more obsessed with financial data did not help any, either!)
One year ago, the US stock market was skyrocketing, whilst the dollar was going through the floor. When I moved to the UK in early 2006, the exchange rate was about $1.75/£1. By last November, the dollar had dropped to about $2.10/£1 -- and I thanked goodness that I had moved all the necessary dollars over long before that happened!
In October 2007, when the Dow Jones broke through 14 kilopoints, my mother was chiding me for having recently pulled out of the stock market because that savings was needed for other purposes and all of the rest of my money is locked into two pieces of real estate[*]. I replied by telling her that this didn't matter, because the market was due for a major crash. How right I was! What I had not predicted was that, as the US economy tumbled, the dollar would somehow rebound! Personally, I had figured that the crash would hasten the rate at which the dollar headed down the toilet! Not so right there...
As of today, the dollar/pound exchange rate has dropped to about $1.48/£1. Ah, if only I were moving to the UK now! Indeed, if I still had significant liquid assets, I would probably be buying up pounds now, at this enormously discounted rate! I must confess that I am also amused to see the euro/pound rate plummeting to record lows -- currently below €1.17/£1! I know that, despite being part of the European Union, the Brits have long resisted the idea of adopting the euro. From what I understand, national pride plays some role in this. My prediction is that the UK will sign on to the euro right around the time when the pound and the euro reach parity. I imagine that having the euro be worth more than the pound would be quite the national embarrassment!
Interestingly enough, having a pound that is worth about $1.50 makes things here seem much more like they should to me. The 25% drop seems to put things in line with my expectations. My salary in dollars, for instance, is now nearly what I expect a post-doc in the US to earn. Indeed, I happen to know that it is very close to what![[livejournal.com profile]](https://www.dreamwidth.org/img/external/lj-userinfo.gif)
gyades, as a post-doc, does earn! Similarly, the rent on our new flat, £895, translates to about $1325 -- which is about what we pay each month for the Event Horizon. Sure, the new flat is [much] smaller... but it is also in a much more desirable location, so I see the two as balancing out.
Ultimately, since I now pay for things in the US with dollars and things in the UK with pounds, it does not make much difference to me. Without needing to transfer money around, the exchange rate does not have a personal effect on my life. I still find it interesting to watch, though.
and
Last month, the Times Higher Education Supplement put out its 2008 rankings of the Top 200 universities in the world. They do that every October. I am interested but, looking back at my journal archives, it seems that I never pay any attention until mid-November.
At the moment, it seems clear that the University of Oxford has lost prestige from its inability to keep me funded. Last year, Oxford tied for the #2 place, while this year it has slid down to the #4 slot! Harvard University is always on top, but this year Yale (coming up from behind to reach #2) and Cambridge (#3) have also beat out Oxford. I could have told them that this was coming. Imperial College has also slid slightly; last year it ranked #5 and this year it ranks #6. However, I did not start my position there until right around when these results were released. I predict that Imperial's standing will grow in next year's ranking, now that I am on the staff!
Also of interest -- at least to me -- is tracking the ranking of the averages for the past five years that THES has been conducting these ratings. If one does that, one sees that Harvard is predictably number one -- having ranked the top spot in all five years. Following that, one gets the following ranking:
Not too shabby -- in less than three years living in the United Kingdom, I have managed to work at two of the three most prestigious schools in the country. Watch out, Cambridge! In a couple of years, you're next!
[*] One of which is the Event Horizon.
One year ago, the US stock market was skyrocketing, whilst the dollar was going through the floor. When I moved to the UK in early 2006, the exchange rate was about $1.75/£1. By last November, the dollar had dropped to about $2.10/£1 -- and I thanked goodness that I had moved all the necessary dollars over long before that happened!
In October 2007, when the Dow Jones broke through 14 kilopoints, my mother was chiding me for having recently pulled out of the stock market because that savings was needed for other purposes and all of the rest of my money is locked into two pieces of real estate[*]. I replied by telling her that this didn't matter, because the market was due for a major crash. How right I was! What I had not predicted was that, as the US economy tumbled, the dollar would somehow rebound! Personally, I had figured that the crash would hasten the rate at which the dollar headed down the toilet! Not so right there...
As of today, the dollar/pound exchange rate has dropped to about $1.48/£1. Ah, if only I were moving to the UK now! Indeed, if I still had significant liquid assets, I would probably be buying up pounds now, at this enormously discounted rate! I must confess that I am also amused to see the euro/pound rate plummeting to record lows -- currently below €1.17/£1! I know that, despite being part of the European Union, the Brits have long resisted the idea of adopting the euro. From what I understand, national pride plays some role in this. My prediction is that the UK will sign on to the euro right around the time when the pound and the euro reach parity. I imagine that having the euro be worth more than the pound would be quite the national embarrassment!
Interestingly enough, having a pound that is worth about $1.50 makes things here seem much more like they should to me. The 25% drop seems to put things in line with my expectations. My salary in dollars, for instance, is now nearly what I expect a post-doc in the US to earn. Indeed, I happen to know that it is very close to what
gyades, as a post-doc, does earn! Similarly, the rent on our new flat, £895, translates to about $1325 -- which is about what we pay each month for the Event Horizon. Sure, the new flat is [much] smaller... but it is also in a much more desirable location, so I see the two as balancing out.Ultimately, since I now pay for things in the US with dollars and things in the UK with pounds, it does not make much difference to me. Without needing to transfer money around, the exchange rate does not have a personal effect on my life. I still find it interesting to watch, though.
and
Last month, the Times Higher Education Supplement put out its 2008 rankings of the Top 200 universities in the world. They do that every October. I am interested but, looking back at my journal archives, it seems that I never pay any attention until mid-November.
At the moment, it seems clear that the University of Oxford has lost prestige from its inability to keep me funded. Last year, Oxford tied for the #2 place, while this year it has slid down to the #4 slot! Harvard University is always on top, but this year Yale (coming up from behind to reach #2) and Cambridge (#3) have also beat out Oxford. I could have told them that this was coming. Imperial College has also slid slightly; last year it ranked #5 and this year it ranks #6. However, I did not start my position there until right around when these results were released. I predict that Imperial's standing will grow in next year's ranking, now that I am on the staff!
Also of interest -- at least to me -- is tracking the ranking of the averages for the past five years that THES has been conducting these ratings. If one does that, one sees that Harvard is predictably number one -- having ranked the top spot in all five years. Following that, one gets the following ranking:
- #1) Harvard University
#2) University of Cambridge
#3) University of Oxford
#4) Yale University
#5) California Institute of Technology
#5) Massachusetts Institute of Technology
#7) Imperial College London
#7) Princeton University
Not too shabby -- in less than three years living in the United Kingdom, I have managed to work at two of the three most prestigious schools in the country. Watch out, Cambridge! In a couple of years, you're next!
[*] One of which is the Event Horizon.
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