Earlier quoted context omitted.
Such as?
Appeared in multiple deranged conspiracy theories.
Well, the answer I was going to give was "he's Jewish^H^H^H^H^H^Han international globalist financier", but that's the same thing really.
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)
#32It'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.
As much as I disagree with Soros on a lot of things, betting on a government being unable to manipulate it's currency forever, and succeeding on that bet is the government's fault, not Soros'.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#33Earlier quoted context omitted.
> 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.
I can only be exploited by people with massive resources. There's not that many people or companies in existence. It's not the same as a software bug that can be exploited by any random hacker Lots of society still relies on people behaing well overall with the few outliers being ostracized or outlawed when they don't.
> can only be exploited by people with massive resources
Not true. Unrealistic pegs paired with reams of floating-rate debt always break. See the Asian and Russian Financial Crises [1][2].
We discuss those as financial crises, not a man breaking a central bank, because they (a) don’t have a narratively-convenient antagonist and (b) aren’t Western central banks.
[1] https://www.britannica.com/event/Asian-financial-crisis
[2] https://en.m.wikipedia.org/wiki/1998_Russian_financial_crisi...
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#34Earlier quoted context omitted.
Such as?
Appeared in multiple deranged conspiracy theories.
That's more like being the target or victim rather than being the bad guy.
I do not specially like or dislike Soros but do not think he is part of any conspiracy other than being an oligarch.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#35Earlier quoted context omitted.
Even if I leave my front door unlocked it's not your prerogative to empty my house. The locked door is there to suggest that it's a immensely stupid idea. I cannot begin to imagine the self entitled bull, someone peddles to themselves, to justify corruption and greed at this level.
It's not an unlocked door situation and it wasn't illegal. It's more akin to you betting on the wrong horse and being mad at the other guy who bet on the right one for losing your money when it's your fault for gambling instead of doing something else.
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Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#36It'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.
As much as I disagree with Soros on a lot of things, betting on a government being unable to manipulate it's currency forever, and succeeding on that bet is the government's fault, not Soros'.
A bet is a tax on bullshit.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#37It'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 Bank of England which was responsible for artificially pumping up the value of sterling is a more appropriate target for blame.
You might even say forcing the prices of things to be accurate and exposing departures from reality is the purpose of financial markets and the thing an investor gets paid for.
(How well that works is questionable; my completely amateur impression is that this view would force us to legalize insider trading while declaring HFT completely useless, for example.)
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#38Earlier quoted context omitted.
As much as I disagree with Soros on a lot of things, betting on a government being unable to manipulate it's currency forever, and succeeding on that bet is the government's fault, not Soros'.
A bet is a tax on bullshit.
So...Soros taxed the Gov on their BS? Is that correct?
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#39> 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?
I think there's a knee-jerk reaction to short-sellers or actions like this because they cause loss of value for a mass of people. I, frankly, don't understand it. Those ultimately responsible are the entities that pumped up a bubble in the first place. Shooting the messenger who is effectively saying "this valuation is unreasonable" is counterproductive. It's like blaming the guy who brings a scam to your attention i…
On a related note, I wonder why glorified investors like Michael Burry aren’t instead demonized for contributing to, and profiting from, the near collapse of the American economy in 2008 (obviously it’s not Burry’s fault that banks gave out shit mortgages, nor is it Soros’ fault that the pound sterling was overvalued. They both took large positions to profit off these events as economies crashed)
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#40It'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.
Soros did not "break" something that was fine if left untouched. He realized that exchange rate was overvalued and acted on it. Resulted devaluation of GBP made British labour more competitive overnight and fixed the imbalance. Other European countries (like Finland) had similar problems at the same and were forced eventually to devalue without any coordinated attack.
When economies do not form an optimal currency area, tying currencies together with fixed rate creates all kinds of problems. Having floating exchange rate where central bank only "leans" to reduce volatility is usually the best course of action.
Eurozone is constantly battling against internal imbalances. Moving towards common fiscal policy is one way to fix them.