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if 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)
Interesting. Any links?
> 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?
And to be clear, I'm not saying that short-selling is inherently virtuous. It's a speculative activity like any other in our financial system. But it doesn't make sense that speculation (or even market manipulation) which increases an asset's value is often seen as ok, while the opposite is not.
Edit: Here's a good example - the current Canadian Real Estate Bubble[1]. I wish someone would pop this thing. It's already so big that it's going to hurt a lot of people. The government seems unwilling to do much to restrain it, especially since the pandemic, and as it gets bigger the potential fallout only increases. But I'm willing to bet that if some singular investor/regulator triggers an unwinding they will be blamed for all the consequences. Not the 20 years of policies and decisions that led to the bubble getting this large in the first place.
> 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?
It'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.
Look at it from a software perspective: there was a huge vulnerability possible. If it hadn't been exploited by this person, someone else would have.
It was the Bank of England fault for not patching the exploit and creating the vulnerability.
> 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.
if 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)
> if this hadn't happened then the UK would have joined the euro Interesting. Any links?
and 1 ECU became 1 euro on 1 January 1999
now that the euro exists: joining ERM (version 2) is phase 1 of joining the euro
It'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.
> The lives affected are not even spared an afterthought Look at it from a software perspective: there was a huge vulnerability possible. If it hadn't been exploited by this person, someone else would have. It was the Bank of England fault for not patching the exploit and creating the vulnerability.
> 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 oth…
The ministers in charge didn't want to be in the ERM, it was all Major.
This wouldn't pass high school English.
It'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.
> The lives affected are not even spared an afterthought Look at it from a software perspective: there was a huge vulnerability possible. If it hadn't been exploited by this person, someone else would have. It was the Bank of England fault for not patching the exploit and creating the vulnerability.
See the problem? There's a reason it's illegal to exploit vulnerabilities in software. It's even illegal to exploit them in humans (mostly). It's called fraud.