A report in the Guardian newspaper that the UK could adopt quantitative ease to avoid deflation has sent the pound sliding. From 1.4830 a half-hour ago, Cable has fallen back to 1.4775. It is increasingly looking like the Fed, ECB and BOE will crank up the printing presses to head off price falls so the impact on any one currency may be limited in the medium-term. The UK has a high inflation legacy, so it adopting this policy will raises doubts in the near-term, to be sure.