Nothing you said is wrong, per se, but... > Such bluffs are punished by the market, with the people calling the bluff getting the money (and people falsely cal

Nothing you said is wrong, per se, but... > Such bluffs are punished by the market, with the people calling the bluff getting the money (and people falsely calling a bluff losing their money if they turn out to be wrong). I think this kind of wording (the market does this, not the individual actors) can be misleading. Look at this quote from the article: > "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont [the British finance minister] said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell." They weren't just placing bets on events outside their control. They deliberately created the situation where the UK couldn't borrow sufficient money to maintain the rate. The fall was arguably inevitable, but they caused it to happen at a time of their choosing, in a way that enriched themselves at the UK's enormous expense. Sure, the BoE folks should have yielded sooner, but they didn't, and the people paid for it while Soros profited. This isn't something I would be proud of.