The only way the English could prevent this would be by abandoning sterling's status as a fully convertible reserve currency, which would entail introducing exchange controls.
His comments came as ratings agency Standard & Poor's said sterling's status as a reserve currency would be jeopardised by a decision to quit the EU as central banks around the world would sell their holdings in favour of more secure currencies.
They point to the lessons of history: sterling maintained its status as a globally dominant currency long after Britain's economic hegemony was over.Fred Bergsten, director of the Institute for International Economics, is the most prominent American enthusiast for the euro.
But the size of Britain's economy, its strong ties to the EU and America, and sterling's legacy status as a reserve currency gives it a credibility that Iceland lacks.
"A departure from the EU could put sterling's reserve status at risk by deterring foreign direct investment and other capital inflows into the UK," it said, adding that because last year's current account deficit was the world's second-highest, any decline in capital inflows would weaken the pound and hit GDP growth.
The Jepsen, who arrives on stage on the dot of nine, uses her underdog status to sterling effect.
Any additional adjustment, to reflect excessive government debt, an intractable trade deficit and the end of sterling's residual petrocurrency status, may still lie ahead.
To minimise market instability and avoid a run on the pound, Cameron must confirm quickly the UK's stance on the status of sterling and the splitting of debt with Scotland.
Britain's economic credentials were already under pressure on Friday morning as the collapse in the value of sterling stripped the country of its status as the world's fifth biggest economy, ceding the spot to France.
In 2008, Boise State was unranked in the preseason, went 12-0 and ended up in the Poinsettia Bowl, their sterling performance not enough to overcome their low preseason status.
