Do we have a sterling crisis?
Given the movements in the currency since Theresa May's unfortunate Tory party conference speeches that endorsed Hard Brexit it could be argued that we have. As yet I do not agree. We have a sharp lesson for a government in pursuit of a policy that makes little economic, social or political sense, but not as yet a crisis.
Might we have a crisis?
The answer is very clearly that we could.
What would trigger it?
It will happen when it is clear that the government hasn't got an obvious Commons majority for its policies. Then we are in melt down.
Will that happen?
I think so.