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The Day George Soros Broke the Bank of England to Make $1.1B (2021)
131–140 of 182 posts
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#132Earlier quoted context omitted.
Are they? Spreads have tightened massively since the advent of HFT which has knock-on effects for the small investor both in terms of cheaper personal trading and lower costs for those managing their retirement/mutual funds (see Vanguard's opinion on HFT[1]). In terms of resources, Virtu is publicly traded and has a market cap of 6.3bn, Citadel was recently valued at 22bn, the total sector is maybe 100bn. Meanwhile o…
Spreads may have tightened, but payments for order flow suggest to me there's a new flavor of front running involved via HFT and dark pools. But I'm no expert.
Are you worried about getting front run for fractions of a cent? I’m not. I’d rather have penny wide spreads instead of 1/8 dollar (or larger) like the old minimum tick size.
Dark pools reduce volatility, it’s just liquidity outside of the normal order book. Regular people don’t need dark pools because they aren’t slinging $500M block trades. Furthermore, trades can happen off-exchange without dark pools.
It sounds like you aren’t even an amateur, let alone an expert, no offense.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#133Earlier quoted context omitted.
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…
> He forced mortgage rates, for example, to shoot up to 15%, with crippling monthly payments for a large chunk of the population. While this may be true, it is entirely the fault of the dumb UK mortgage market that does not provide for fixed-rate mortgages for the full term of the loan. In the US, 30 year fixed rates are the norm. In the UK you’re lucky to get 5 years fixed.
Without him, all of the quoted effects would not have happened, right? It actually took his direct action to catalyze those events into the stated negative outcomes. So how is it not at least partially (though actually mostly) his fault? If someone kills someone else, do you blame the murderer's mom for his existence, or Walmart for selling the knife, or do you blame the murderer for doing the stabbing?
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#134Is there any chance someone could bet on the Swiss franc being undervalued to the extent it's central bank would have to accept a 1/1 parity with the euro... are there other similar cases of ("collusion") of individual entities that have outbet government policies to this or further extent?
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#135Earlier quoted context omitted.
Are they? Spreads have tightened massively since the advent of HFT which has knock-on effects for the small investor both in terms of cheaper personal trading and lower costs for those managing their retirement/mutual funds (see Vanguard's opinion on HFT[1]). In terms of resources, Virtu is publicly traded and has a market cap of 6.3bn, Citadel was recently valued at 22bn, the total sector is maybe 100bn. Meanwhile o…
Spreads may have tightened, but payments for order flow suggest to me there's a new flavor of front running involved via HFT and dark pools. But I'm no expert.
> but payments for order flow suggest to me there's a new flavor of front running involved via HFT and dark pools.
I know what those words mean individually. But put together like that they make no sense.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#136It'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.
I've heard the same kind of blame leveled at the characters of the Big Short. But just as they didn't make banks give out bad loans, Soros didn't make the Bank of England put an unsustainable currency peg in place.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#137In Brazil the alt-right calls Soros a lefist billionare that finances communism around the world. Does this craziness exist in other places of the world?
He does finance political NGOs around the world, yes. Communism, definitely not.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#138Earlier quoted context omitted.
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)
I've seen people make comments critical of Burry and others. I don't understand this mindset myself.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#139Earlier quoted context omitted.
Ah yes, how nefarious - openly funding candidates that favor criminal justice reform to lower the prison population. Very 'bad'.
>>Ah, yes, funding DAs that let people out on cash-free bail so they can continue committing crimes that the people who donate aren't affected by because they are living a privileged life. Fixed that for you.
I'd love to hear a moral argument for having two people arrested for the same crime and keeping one of them in pre-trial detention because they can't afford the bond, but letting the other one out because they have access to $1k.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#140Earlier quoted context omitted.
George Soros conspiracy theories have been a dogwhistle for antisemitism used in right-leaning politics in the United States for decades.
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I am replying in the context of the parent comment asking if opinions of Soros in Brazil match the rest of the world. Which, well... they do.
You are allowed to call George Soros evil, greedy, what-have-you. However, antisemitism is a real thing, and his name has been commonly invoked as part of conspiracy theories pushing it.