George Soros responsible for devaluing the GBP?

[Skykid]

Dunno if anyone has looked at the exchange rates recently, but the value of the pound is dropping like a stone. It was bad before, but now it's right down and still going.

My girlfriends dad, who watches stock markets amongst other things, phoned last night and suggested that the UK government are focussing their attention on George Soros, who has started selling his GBP bonds like mad and basically devaluing the currency.

http://en.wikipedia.org/wiki/George_Soros

If it is him, he better freaking stop man, he's killing us at the minute.

Anyone have any ideas on this?

[antron]

There are rules, and there are players.

If the player is following the rules you need to blame the rulemakes (regulators)

Be glad it's Soros and not the mob.

[DC906270]

maybe we should start a petition

[Skykid]

maybe we should start a petition

What for, to have him killed?

[JoshF]

blame the rulemakers (regulators)

Republicans say the darndest things.

[DC906270]

George Soros, who has started selling his GBP bonds like mad and basically devaluing the currency.

well, if it is that, then the drop should only be temporary, no? he must hold a hell of a lot of £££'s

its currently at 1.499 $/£. Its been at this level since yesterday. its been at this level before. We got used to getting 2$ to the £ during the good times though

cmon George Soros, its costing us more for our Cave shmups. Hope the £ strengthens in time for Ketsui

[Khan]

is that really him in that link? jesus why is it that rich people are some of the most ugliest people in the world?

[Ex-Cyber]

It's always hard to say on this kind of stuff. A lot of times securities trading just looks like a big poker game more than anything else, and currency trading is no exception (sorry, I tried for the Bad Dudes reference and I just couldn't make it work ).

is that really him in that link? jesus why is it that rich people are some of the most ugliest people in the world?

I wouldn't count on any of us being especially attractive at the tender young age of 79.

[Skykid]

well, if it is that, then the drop should only be temporary, no? he must hold a hell of a lot of £££'s

More than we could ever imagine I'd wager. He can literally destroy whole economies on his own.

[sven666]

is that really him in that link? jesus why is it that rich people are some of the most ugliest people in the world?

hahaha the guy is 79 for fucks sake

ed: dude seems pretty cool actually, he uses his wealth to put a whuppin on governments that are behaving badly.

[BulletMagnet]

Republicans say the darndest things.

Seriously. At this point I'm always skeptical whenever I hear this guy's name used in a sinister context (again), as he's been blamed at one time or another for every bad thing that's happened over the past few decades and tied via the almighty Glenn Beck Chalkboard to just about every kooky "new world order" conspiracy theory you can name. I'm sure the guy isn't exactly squeaky clean, but at this point he's basically an all-purpose wingnut pinata.

[antron]

blame the rulemakers (regulators)

Republicans say the darndest things.

not for making to many rules, but to few.

I think Soros rocks. He spent 25 million he made off the Euro's introduction to try and stop W's second election.

[JoshF]

Seriously. At this point I'm always skeptical whenever I hear this guy's name used in a sinister context (again), as he's been blamed at one time or another for every bad thing that's happened over the past few decades and tied via the almighty Glenn Beck Chalkboard to just about every kooky "new world order" conspiracy theory you can name. I'm sure the guy isn't exactly squeaky clean, but at this point he's basically an all-purpose wingnut pinata.

Van Jones consulted Soros (and most likely Bill Ayers and Mumia Abu Jamal) when he wrote the stimulareparations bill. How he snuck into Bush's cabinet, well Beck hasn't explained that yet but I'm sure it all makes sense.

[Lordstar]

Everyone goes up and at one point or another only to come down. See you guys later im fucking off to Rapature.

[DEL]

The Independent has the story the other way. It seems to be saying that Soros may be aiming at devaluing the EURO not the GBP.

The forces are massing. The value of the "bets" made by hedge funds and others against the European currency has reached more than $12bn – almost double the amount of a few weeks ago, suggesting that the pressure will persist. The number of credit default swap (CDS) contracts made to the same effect has also soared.

The presence of a Soros employee has set alarm bells ringing, as George Soros' formidable reputation as an investor – as well as a maker and breaker of currencies – goes before him. So far-reaching is his influence that any hint from him of negative sentiment towards an asset or currency can turn into a self- fulfilling prophecy.

[Khan]

It wouldnt surprise me if they hire James Bond to take out Mr Soros all that money I wonder who or what it would go to

[Ed Oscuro]

Wikihow doesn't seem to have any advice on how to stop George Soros from devaluing your currency, but it does tell you how to use a potato to keep your windows fog-free.

blame the rulemakers (regulators)

Republicans say the darndest things.

not for making to many rules, but to few.

I think Soros rocks. He spent 25 million he made off the Euro's introduction to try and stop W's second election.

Anyway, I'm a bit at a loss here. Being the lifeblood of an island nation's economy, a strong Pound is generally seen as good for the people of the UK. Personally, I hate dealing with it, and I've also read lots of stories of UK customers being asked to pay the same numeric prices as we in the US pay...in our currency, for items worth four digits ($1000 becoming 1000 GBP, and the like). Attempting to knock it off outright is beyond what anybody is intending here, I'm sure, but a slight devaluation might end up helping exports. How much does domestic food production and costs play into this, I wonder?

You guys should also be happy that you aren't part of the Euro Zone and being looked at to bail out Greece and the other two countries near insolvency, in an instance where being a separate currency is helpful. Probably was one of the scenarios considered when declining to become part of the Euro Zone.

We'll also have to see how much attempts by Geneva and the like to move banks out of London pan out. Geneva just wants the business, but the EU and others have pointed out that London's markets did horribly during the recession. I'm not sure how bad it was compared to New York, but it was worse than it should have been.

[Skykid]

I've also read lots of stories of UK customers being asked to pay the same numeric prices as we in the US pay...in our currency, for items worth four digits ($1000 becoming 1000 GBP, and the like).

In many cases that's unfortunately very true.

[Ed Oscuro]

A lot of times securities trading just looks like a big poker game more than anything else, and currency trading is no exception (sorry, I tried for the Bad Dudes reference and I just couldn't make it work ).

I see what you were trying for. Gil Buckman replies: "Oh, well. They're bad CURRENCY TRADERS. That's why they call the game Bad CURRENCY TRADERS."

But anyway, it seems pretty correct. It's not like the "subprime" mortgage mess here in the United States (and elsewhere) which was clearly an abuse of the markets and should have been stopped cold. The problem with the currencies market is that it's both politics and a way to punish or reward currencies, but it also needs to remain somewhat freely convertible.