In 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?
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)
#92England, Thailand, Malaysia....
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#93The myth is about Soros, but it was a network of largely U.S. investment banks that co-ordinated and piled on to raid the BoE. Consider that the GameStonks craze where people just really, really liked the stock got threatened with charges of market manipulation, almost took out Robinhood, with contagion exposure to Citadel with system wide risk, and caused back door intervention by Fed authorities and even the Whiteh…
Didn’t Soros study under Karl Popper? I wouldn’t say he learned totalitarianism from the inside, rather he was influenced by a very astute advisor on the nature of societal openness and the associated dynamics.
As far as being supposedly ‘evil’, I don’t see how anyone in his position could not be. Look at the world around us. We are ruled by psychopaths, shysters and ghouls at multiple levels; middle management to heads of state.
I’ve always had a chip on my shoulder about decency, humility and fairness, but the older I get and more money/power I accumulate, I’m starting to see that the monsters of the world will only be beaten by a bigger monster. So if I set out to right the wrongs I see, I too would necessarily need to become monstrous.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#94Earlier quoted context omitted.
He's the boogey man to a large portion of society. He makes the left look slightly bad so any chance to showcase he's just an evil capitalist that steals grandmas money rockets to the top of HN.
But he isn't really of "the left", he has mainly funded centrist Democrats, not the progressive wing; as you say, he is a capitalist. And his influence is greatly exaggerated.
100% agree, doesn't change what the right believes he is though.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#95Earlier quoted context omitted.
It wasn’t just a horse bet by my reading of the article. It was more like they noticed that there was an opportunity to hobble a horse if you and your buddies rush the field and that the odds makers were not anticipating this so you bet otherwise. You can marvel at the technical ingenuity of a heist like this but the ethics are dubious. The strongest counter is that the Bank of England wasn’t paying attention but tha…
When you go to buy or sell something, do you inform the seller or buyer that they are incorrectly pricing the product/service they are selling? Do you let your counterparty know that you are willing to pay or sell at a price that is more beneficial to them?
They already knew, by my reading. Bankers knew there was a bubble which is why it wasn't just Soros. He convinced quite a few banks and investors to help him in this scheme (and make quite a bit of cash as well) in order to pull it off. From the article:
- George Soros and all the funds and banks that participated in this large-scale attack were then able to repay the loans they had taken out in sterling, but with a devalued pound against the US dollar -
He was just the "ring leader", as it were. To date, no one had been able to coalesce all the necessary players into a single room and get them on the same page before in order to pull off such a thing. He was a proverbial shepherd corralling a bag of cats in order to make this scheme work.
Callous and greedy, sure. Intelligent and legal all the same. Blame the law makers for this one if you don't like the outcome. Their shortsightedness and allowances of quick, speculative, money-making bubbles to prop up fraudulent banking systems had a lot to do with this.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#96> Even better, Soros managed to convince other investors and investment banks (JP Morgan, Bank of America, Jones Investment, …) that the pound sterling would collapse in the event of a massive and coordinated attack. I wonder how this wouod be judged with current "insider trading" laws, but since it is a foreign country (even if ally) then probably nothing would be done. Also the article doesnt seem to mention that B…
But Soros and his allies were not using confidential information; they were not insiders. I am not a fan of this kind of thing at all, but insider trading laws aren't relevant. As for your last point, yes, if the Bank of England had surrendered earlier they would have lost far less money and Soros and his allies would have made far less profit.
Talking with a group of investors behind closed doors to agree and execute a strategy seems like a very obvious market manipulation.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#97> Even better, Soros managed to convince other investors and investment banks (JP Morgan, Bank of America, Jones Investment, …) that the pound sterling would collapse in the event of a massive and coordinated attack. I wonder how this wouod be judged with current "insider trading" laws, but since it is a foreign country (even if ally) then probably nothing would be done. Also the article doesnt seem to mention that B…
> I have a feeling that actions of central banks are poorly discussed You and I have very different definition of “poorly discussed”.
Youtube videos with yellow comments dont count as great sources for me.
We still barely have any sources about what happened in Japan.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#98Earlier quoted context omitted.
> 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.
> While this may be true, it is entirely the fault of the dumb UK mortgage market How would raising interest rates affect spending in the short/medium term if loans are all fixed for 30 years? I guess maybe the property market is more volatile in the US as a result of this since who would take on a 30 year mortgage when rates are above their long-term average? In the UK, if you're on a high rate (but a short contract…
The way it works where i live, at least, is on all loans the principal can be paid in full with no penalty. So I get a 30 year fixed loan and when a better rate becomes available I can get a new loan and pay off the old one. The down side is transaction costs, things are getting more efficient but the owner will have to pay something to refinance the loan.
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#99[dead]
Re: The Day George Soros Broke the Bank of England to Make $1.1B (2021)
#100Earlier quoted context omitted.
He's done plenty of bad stuff before and since.
Such as?
Funding this lot for a start: https://nypost.com/2021/12/16/how-george-soros-funded-progre...