How likely is a sterling crisis or: is London really Reykjavik-on-Thames?

http://blogs.ft.com/maverecon/2008/11/how-likely-is-a-sterling-crisis-or-is-london-really-reykjavik-on-thames/

What are your thoughts on this? I have read it through in it's entirety and I don't see an awful lot wrong in the details to question him on. He is not saying it absolutely will but the underlying figures don't exactly inspire confidence and this is worsened by the hear no evil see no evil attitude of all the politicians.

I remember Jim Rogers appearing on a british syndicated news programme and the best rebuttal Choudry who is a treasurer for the Europe Bank could come up with when Jim Rogers said Britain has nothing to offer anymore, was Rolls Royce and the pop industry and what was disturbing was the fact that he was serious lol.