Re:The Trade of the Century: When George Soros Broke the Bri...
by cortesoft on Thursday May 15, 2014 @07:48PM
(#7752983)
It WAS a consensual trade between the British government and Soros, in effect.... the gov could have at any time earlier in the process stopped buying obviously over priced pounds, but they didn't.... yes, the gov was spending tax payers money in doing those deals, but the tax payers had selected John Major, and he was quite clear on his position in terms of monetary policy.
Re:The Trade of the Century: When George Soros Broke the Bri...
by norswap on Friday May 16, 2014 @04:49AM
(#7754473)
Yes it was, but that's nitpicking. I think you get my point: buying burgers and trying to manipulate the market are two rather different separate things.
Re:The Trade of the Century: When George Soros Broke the Bri...
by AnimalMuppet on Friday May 16, 2014 @12:59PM
(#7756475)
But who was trying to manipulate the market? Soros? Well, yes, he was. The British government? They also were.
Why do you find one morally repugnant and not the other?
Re:The Trade of the Century: When George Soros Broke the Bri...
by _3u10 on Thursday May 15, 2014 @11:34PM
(#7753591)
Well, they contributed it certainly but it belongs to the British Government in right of the crown.
Both parties were engaged in currency manipulation of their own free will, no one forced the british government to take their currency position.
What I assume is disgusting is that the British Government's money actually belong to British taxpayers, who contributed it in the first place. Those taxpayers have reasonable expectations that this money will be used to indirectly benefit them or for the good of the British people at large, and not end up squandered.
Now other people correctly pointed out that the pound would have devaluated with or without Soros, so I don't think his actions where all that unethical. But as it happened so suddenly instead of the usual drawn-out game of rumors, some politicians clearly felt the burn.