The Day George Soros Broke the Bank of England to Make $1.1B (2021)
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The Day George Soros Broke the Bank of England to Make $1.1B (2021)
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Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#2It's great to talk in terms of indices and devaluations and of "breaking the bank of England". The lives affected are not even spared an afterthought.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#3> For many, it was obvious that the pound sterling was overvalued
> The Bank of England was finally forced to give up the fight a few hours after the attack, announcing its exit from the European monetary system with a devaluation of about 15%
Sounds like George Soros just fixed a disequilibrium? How is he the bad guy in this story?
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#4In 1997, the UK Treasury estimated the cost of Black Wednesday at £3.14 billion, which was revised to £3.3 billion in 2005 [1].
[1] https://en.wikipedia.org/wiki/Black_Wednesday#:~:text=In%201...).
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#5No mention of Stanley Druckenmiller. See lines 482 - 544 in a speech given by Druckenmiller
https://gist.github.com/bluechoochoo/a034da52c64ac6fcb637
where he talks about his and Soros' respective roles in the infamous trade.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#6if this hadn't happened then the UK would have joined the euro
brexit under the euro would have been all but impossible
I wonder if Soros regrets "breaking the bank", especially given he was a huge remain supporter (donating vast amounts to the campaign)
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#7> For many, it was obvious that the pound sterling was overvalued > The Bank of England was finally forced to give up the fight a few hours after the attack, announcing its exit from the European monetary system with a devaluation of about 15% Sounds like George Soros just fixed a disequilibrium? How is he the bad guy in this story?
He's the bad guy of the story because he's a billionaire who made a $1.1Gb at the expense of the ordinary people living in the UK at the time. He forced mortgage rates, for example, to shoot up to 15%, with crippling monthly payments for a large chunk of the population.
Note that the article author is a cryptocurrency cultist, so he'll be all in favour of unscrupulous people enriching themselves at the expense of others irrespective of the negative effects this might have on society or the environment or whatever.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#8Wasn't technically the LPs who each made a fraction of that 1.1B while Soros and Druck got the 5 and 20 or whatever fees they charged them?
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#9> For many, it was obvious that the pound sterling was overvalued > The Bank of England was finally forced to give up the fight a few hours after the attack, announcing its exit from the European monetary system with a devaluation of about 15% Sounds like George Soros just fixed a disequilibrium? How is he the bad guy in this story?
He's done plenty of bad stuff before and since.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#10> For many, it was obvious that the pound sterling was overvalued > The Bank of England was finally forced to give up the fight a few hours after the attack, announcing its exit from the European monetary system with a devaluation of about 15% Sounds like George Soros just fixed a disequilibrium? How is he the bad guy in this story?
He didn't do it to 'fix a disequilibrium', he ruthlessly exploited an opportunity for personal gain at the expense of an entire country. You can argue about the positive long term consequences, or the responsibility of the people that created the situation, but he is most definitely 'a' bad guy.