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There seems to be an abundance of posts about Soros himself getting flagged killed in this thread. Why is that? Are his character and his political ambitions not relevant to a discussion about his demonstrated ability and intent to cause massive financial disturbance in the global economy?
Because criticizing him is anti-semitism or something.
Discussed at the time: https://news.ycombinator.com/item?id=7752291
Earlier quoted context omitted.
The article explains that the UK government caused the massive disturbance. Soros made his money betting that it was happen.
Exactly. Yes, there were many members of the UK that became effectively less wealthy when the pound was devalued, but there were many members of other European nations that effectively became more wealthy. Why are we valuing one over the other.
This incident was the main reason the UK didn't enter the Euro. This wonderful BBC documentary explains everything on detail. https://youtu.be/K_oET45GzMI
Sometimes I wonder if this incident didn't happen, would the UK had entered the Euro and Brexit wouldn't be on the horizon today.
For a weak economy IMHO the Euro is worth the disadvantages (and I happen not to consider the inability to do competitive devaluations a disadvantage). These can be small (GR) or large (IT) economies. For a pretty solid (sometimes strong, sometimes less strong, but never "weak") economy (DE, NL, FR, etc) it's definitely good; the small amount you lose in freedom of action is far overshadowed by the benefits (who did better from the greek financial crisis: Greece or Germany?). But for a middling economy which I consider the UK to be, despite its large size, being coupled to the eurozone would give them the worst of both worlds.
BTW I don't think this is an argument for the UK getting out of the EU; I think they should fix their shit (which goes back decades) instead.
Earlier quoted context omitted.
Except that Soros did not hurt UK economy. Just bruised some egos at the Bank of England by showing their stupid mistakes.
"Soros did not hurt UK economy. Just bruised some egos at the Bank of England by showing their stupid mistakes." From the article: "At 11AM, the British government announced they would increase interest rates 200 basis points, from 10% to 12%. ... [later that day] an interest rate increase of another 300 basis points, from 12% to 15%." That means millions of ordinary people suddenly, not even overnight but on the sam…
> making a large number of ordinary people significantly poorer.
You contradict yourself a lot
It's interesting to read this with an eye on current global macroeconomic conditions. The dollar is significantly overvalued today, a result of its status as the global reserve currency. And the consequences of that are all the same ones mentioned for the pound in the article. The U.S. has been running a large current account deficit since 1980: we import more than we export. Our jobs are moving overseas, because it…
If apple sells an iPhone to Germany. In what export balance does it appear? What company makes the profits?
There seems to be an abundance of posts about Soros himself getting flagged killed in this thread. Why is that? Are his character and his political ambitions not relevant to a discussion about his demonstrated ability and intent to cause massive financial disturbance in the global economy?
There isn't. There are 5 flagged comments, all of which are short, low-grade and hardly about 'Soros himself'. There is nothing interesting said in them about his character or political ambitions. All of them look sensibly flagged. If someone commented 'Fire bad' in a thread about wildfires in California, that would be flagged too.
Earlier quoted context omitted.
Market prices for currencies reflect what you can buy with them. If a country's economy is strong, they're exporting a lot of things that the world wants to buy from them, and the world wants to invest in a bunch in a number of securities denominated in their currency, the currency will be strong. If the country's economy weakens (relative to other countries in the global economy), the currency will weaken. There cou…
> "A generation of lazy people who don't work hard" I am sorry for derailing, but how does that happen, did they come out like a faulty batch from a factory? The mantra of "It's important to work hard" needs to die. Today we have fewer friends than ever, population is unhealthy and the biggest killer of young men is suicide. Please don't perpetuate this nonsense. It should be: "Work smart, and look after yourself/ yo…
A more popular corollary is
"Hard times create strong men. Strong men create good times. Good times create weak men. Weak men create hard times."
It's interesting to read this with an eye on current global macroeconomic conditions. The dollar is significantly overvalued today, a result of its status as the global reserve currency. And the consequences of that are all the same ones mentioned for the pound in the article. The U.S. has been running a large current account deficit since 1980: we import more than we export. Our jobs are moving overseas, because it…
There are upsides and downsides to being a reserve currency though that other nations might not want to take on, a non nation state currency that wants/needs to inflate might be a better bet. The US built up on the good side of being a reserve currency. > The advantages of reserve currency status for the dollar are well known. The world’s willingness to accumulate dollar reserves in the post World War II period first…