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Pound sterling...
by srssays 10y ago
Pound sterling...
- dmoy 10y agoWoah wait when did the pound lose 25% of its value due to a SEC ruling?
- srssays 10y agoThere were two separate events, adding up to 25%. The first happened instantly as the Brexit result became known. The second happened on Oct 7 at the opening of trading when there was nobody around who wanted to buy... I find that Bitcoins are an effective hedge against conventional wisdom.
- guiambros 10y agoI wouldn't call Brexit a "minor ruling".
- alexeldeib 10y agoCould be a reference to Brexit? The pound suffered pretty severely after the referendum.
- conanbatt 10y agoTo be fair, sec ruling is a much smaller measure than country-wide referendum on economicy policy
- arthurcolle 10y agoRead about Soros breaking the Bank of England sometime, it's great stuff. Black Wednesday I think is the name of the event in popular culture
- Blahah 10y agoGreat stuff in the sense that one person can directly profit to the tune of a billion dollars, by manipulating currency markets, at the cost of the taxpayers of an entire nation. So, not great stuff at all.
- shitgoose 10y agoHe did not manipulate pound. UK government manipulated it by locking the exchange rate that did not reflect the fundamentals. Pound was doomed, Soros just profited from the crash. So, yes, great stuff - government should pay for its stupidity. Unfortunately they pay with our money...
- Blahah 10y agoHe shorted the pound enough to move the market significantly, and his buyback strategy deliberately prevented any stabilisation. The crash wouldn't have happened or at least wouldn't have been as bad without his involvement.
- shitgoose 10y agohttps://www.youtube.com/watch?v=K_oET45GzMI https://www.youtube.com/watch?v=K_oET45GzMI a good overview of the origins of the crisis. how politicians for their own shortsighted gains made one poor decision after another and led the country into financial crisis.