Not really. If she was going down that route she should have dug up the bones of Winston Churchill who made the same mistake with the Gold Standard in the 1920s. Britain did not recover from that mistake until 1931. And was still wobbly when World War II came around. Read "England's Cross of Gold" by James Ashley Morrison, published in 2020. There's an interview by Professor Mark Blyth with Morrison discussing the book. It's quite an enlightening read if you are interested in British Economic History, because it discusses the drivers behind economic thinking and policy. He conclusion includes a discussion of Brexit, and how Britain seems to have periodic crises of confidence because of its prevailing ideology and identity that is highly self-referential and tending looking to the past, and projecting that into the future. In short, their thinking is more shaped by "shoulds", than what is. So subjectivity trumps objectivity, even in economics, leading to bad decision making. But that's just being human - we all have that tendency. No-one is immune from folly. Just look at the world we live in right now. But we must remember our weaknesses as well as our strengths, and have enough humility to check our assumptions, before making decisions. Something that our leaders need to accept.
It was actually Stanley Druckenmiller who came up with this idea which Soros rejected. He then explained his reasoning and Sorors agreed. Druckenmiller had a small position open but Soros told him to go all in.
Imagine studying at a government funded british university and then doing your best to to fuck up the government and essentially all the hard working people🤡
Soros did nothing wrong here. The politicians were trying to trick the public by pegging the mark to the pound and trying to get the benifits that were not justified by the fundamentals of the British economy. If the peg was justified, the short would not have caught on with other traders.
@@akshatprakash871 You mean he did nothing illegal. Just because the jews claim the moral high ground doesn't mean they act morally - look at Palestine.
This wasn't a disaster for the UK in the long run. The economy improved afterwards. I think some of the continental European economies ran too tight monetary policies and suffered as a result.
@@graemesydney38 I would argue that what Soros did was moral and patriotic. All he did was expose Major's chicanery. The fallout is on Major's head. The peg was never viable.
A great video that helps clarify the issues of the time. Upon learning that the economy of a country with the UK's level of influence can be affected by the economic games of a hedge fund manager does set a weird sense of hopelessness, but at least these days it's easier to short squeeze lol
There is no game. It is just politicians who run the country's budget irresponsibly and recklessly. Do you honestly believe that George Soros can make any bet and nobody in the market will make a counter bet against Soros? Soros only won because he was right and every hedge fund manager knew that, which is why nobody bet against Soros. The Government of UK brought this on themselves.
@@holdmybeer123 While I agree that the Government opened up the liability, especially because the UK's economy differs from Germany in many ways, Soros could have simply not played the 'game'. Of course this isn't a take regarding a specific individual, but reflecting on the fact that someone has the resources available to them in order to do so.
@@smortg If Soros would not, then somebody else would make the bet. The market punishes profligate governments, it is a feature, not a bug. You don't want your government spending money recklessly just because there is no consequence today. There is always reckoning.
I had just bought my first flat in 1989 I remember the letters every other day from building society about my rates going up, topped at over 15% I managed to keep up the payments, many couldn't & lost everything including my neighbour, he destroyed a lot of lives in the UK.
Rubbish Cranmer. Mrs Thatcher and Geoff Lawson let the economy run like dogs due to Reagan effect. Mortgages to be allowed at 125%, get real! 1986, comprende'?
Sorry, but that's simply not true. John Major thought that joining the ERM at that high exchange rate was the right thing to do. It wasn't, it was too high. And British traders made millions on the back of that. Why don't you hate them? Why don't you hate John Major or Norman Lamont? Why don't you hate Winston Churchill who did the same thing in the 1920s with the Gold Standard? That created nearly a decade of economic suffering and turmoil, which didn't stop until Britain crashed out of the Gold Standard in 1931. And the collective memory of that period probably contributed to his defeat in the 1945 election, despite his war service. If you have the time and inclination, read "England's Cross of Gold" by James Ashley Morrison published in 2020 about Churchill's error. . There's an interview with Morrison here on RU-vid with Mark Blyth, where they talk about the book, and the parallels with Black Wednesday and Brexit. How people think about the economy, shapes their decisions. Rich or poor, our decisions reflect our priorities. Priorities define problems and the solutions we choose to pursue. In this context, John Major's priorities determined his choice of solution, and it wasn't realistic or sustainable. Thatcher was skeptical, but as she had destroyed her political capital, she agreed to it. And that didn't save her, even though she was right to be skeptical. John Major and Norman Lamont were fearful if they didn't join the ERM, the UK economy would enter death spiral, as the ERM was attracting foreign inward investment to the member countries. So it was do or die, but both Major's and Lamont's thinking, they thought Sterling's exchange rate should be high so as to attract some of that investment. They set it too high. They did not understand how the money markets saw the British economy. By setting the exchange right too high, they set themselves up for failure. Buyers and sellers only want to pay the fair price, or a price below that for anything. By setting the price of Sterling in the ERM too high, they provided the opportunity for traders to short it. And every trader that could did so, all over the planet. And fear opened the door. The problem is that Britain’s economic policy was more driven by belief than facts. Thatcherism and it's children were stages in a social and economic experiment, shaped more by ideology than proven fact. And it failed - under Thatcher, Major and all the rest in its purported ability to float all economic boats. They exacerbated economic and social inequalities, and embedded a parasitical financial sector, that has made asset owners very rich, and allowed them over decades to gradually acquire the assets of the middle classes, at the expense of the real economy that could provide security and a decent standard of living. You're a winner right now, but those who will follow you, will be worse off than you. Our priorities has created problems so entrenched, that our state is captured by corporations and businesses, and poverty with deprivation, and cruelty, runs rampant. That's why Divide and Rule as Culture wars define our politics. In all that, Soros is a distraction away from the reality that our own leaders have royally screwed us over to cement their position. Soros did what every trader does. And we are being bought and sold too. Hate is pointless. Thinking differently is required. We need to look to our own priorities and understand the price we are paying to pursue them, and consider if that is what we really want to do. Why? Because the game plan is to disenfranchise over time anyone who isn't asset wealthy. And that means your descendants will be poorer and own nothing if we keep on doing the same things and expecting different results. If we do, we'll discussing in the future how the economy is this and that, and how we're all worse off. That's the price of not thinking differently. Go to Garyseconomics channel here on RU-vid, and run through his videos. They will explain much more than this.
He did it to Italian Lira and Swedish Krona at the same time I believe, the interest rate went up to 500% for a few days in Sweden, and we had the biggest house market crash in our history.
@@drscopeify frankly crashing the USD would be such a stupid thing to do and would cost such a catastrophic on the world economy So many world currencies are backed by the USD.
@@ObiWanCannabi 😂You think the US dollar is the silly British pound. US is a global economic powerhouse. Britain has no resources & no manufacturing industry. Even France has bigger diverse economy than Britain.
The ERM was supposed to be temporary, leading to an eventual permanent currency union. Bhutan and Nepal's currency is presently pegged to India. There are over 10 countries with money pegged to the USD. Singapore and Brunei's dollars are pegged to each other. Malaysia was part of the same club for a short time. There are large currency unions operating today in south and west Africa.
tell that to emerging markets my bro. it actually makes sense for emerging markets. Right now venezuela is reporting that it is using actual USD because the government cant stop shtting on its own people with communism
It is similarly interesting and would worth a video, how Soros spent this money. The International Science Foundation in Russia, the Soros Foundation in Eastern Europe, or his intervention during the siege of Sarajevo.
I doubt Erdogan has a deep enough understanding of the topic to understand what a short position is. He is more likely busy to expand his palace right now
@@aron68on_etoro95 In "Black Wednesday (BBC 1997)" they touch the 2.95: Ex-checker Major "lobbied" for the fixing against Prime Minister Thatcher. She, about to lose the power struggle, does his wish, but fixes to high ... and unilaterally, that is without consulting the "EU". Major becomes Prime Minister, ousting Thatcher, with a hand grenade in his nest. Whether that is true, I don't know - so take it with a grain of salt.
@@ruvimyefimchuk1166 "Ukrainian .. Soros is terrible" That terrible person spends millions of dollars of his money every year in Ukraine supporting education, health care, anti corruption and human rights works.
@@williamforsyth6667 he’s one of the most curropt person out there. Supporting terrorist organizations like BLM. Bailing out criminals. Trying to make America socialists.
@@coraltown1 i don’t know. Govts. Have a lot of power. At any time they can change their mind and not peg it. And they could have put Soros in jail for market manipulation. Maybe this just exposed the uk govt. has no balls.
The Reflexivity proposition, from Philosophy, couldn't be disproved and by Popper's own definition it wasn't scientific. There have been spectacular failures in shorting stocks - but they don't disprove the proposition, do they?. Time 4:20 - Soros crunched the numbers. At the end - the pound probably was going to fall, anyway. How about this - a trading-synchronicity proposition with early in, early out; leaving stragglers to pay for it. Undeniably true, at least sometimes? The approaching fall of the pound in that time gave rise to a news item about financial institutions in the City of London buying stone in Germany to improve the façades of their buildings, something that a columnist writing in the financial section of a newspaper would have noticed, not knowing what was about to happen. There probably are still buildings in the City of London with that sort of reminder of those events.
Despite the economic crisis,this is still a good time to invest in gold and crypto. The rich spend less and invest more, investing in this economic crisis will be the best thing to do.
This is made Brexit possible ~30 years later- a very sad day for soros... Now do a video on how soros tried to do the same with the Germans and how spectacularly failed.
I dont why some people see him as a hero. It could be because he defeated the pound. He also attacked the swedish crone. Believe it or not but he hates the money markets. I think he does it to show how stupid the system is.
You kinda just answered your own question? People enjoy watching the imaginary financial systems that govern their lives be exposed as the smoke and mirrors they are
Why is your sound so bad? Surely you can afford a simple better microphone, or perhaps you are cranking up the noise reduction in post which is making it sound hollow?
"... will run out of pounds ...". How does this happen? The UK Pound is a fiat currency. How can one "run out" of something you can make at will at almost no cost?
Exchange rates between currencies. Thus the tethering between the Deutsche mark and the British Pound. One fiat vs another, if one gets printed but the other doesn't, and they're tethered, then really they would run out of Deutsche marks. At least that's my rough understanding, I could be missing something
Correct. They are only blameing Soros. It’s also trillions of pounds in circulation and the demand side from businesses/consumers is 99,99999% larger power/force than a single speculator. Even if he had 10x more money. In reality the only thing he did was that he recognized a trend AFTER the fact. And made his bet, and tok a profit. The idea that he created the trend is simply stupid.
If FERENC ERDEI (he was an interior minister who signed the secret Interior Ministry decree, No. 138.000/1945 decree or order signed by FERENC ERDEI ...that was the preparing and making possible the Hungarian Gulagh...not Gulash ..GULAGH...within the territory of Hungary, like RECSK, HORTOBÁGY, KISTARCSA etc...not GULASH GULAGH, like the Siberian...so if this guy, who was a deputy prime minister in 1956 in Hungary, Ferenc Erdei, and he is the UNCLE of George Soros...so there is a 1.000.000 worth question: If FERENC ERDEI the REAL FATHER (sperma) of VIKTOR ORBÁN, and he was the UNCLE of GEORGE SOROS......who is VIKTOR ORBÁN for GEORGE SOROS as a relative? a blood relative, including the gipsy bloodline....
I love how your intro graphic is so beautifully fluid, and it slams into your logo that looks like it was done in 9 seconds on snapchat's cut/stiker tool hahaha
I made a quite few people multi-millionaires and bigger billionaires trading currencies during the aftermath of the 2008 crash. Over the course of several years, the US Dollar fell against major currencies around the world with the Australian and Canadian Dollars both becoming worth more than the US$ and it was an epic drop against the Japanese Yen, falling to all time lows ~ 76 Yen. Today the USD ~ 115 Yen. I call the currency trading market "heroin for gambling addicts" mainly because it trades 24 hours a day, 5 days a week and fortunes can be made in minutes and hours. Of course, losing fortunes can happen in minutes as well...i speak from experience 🤫
@@RonaldMcDonald6969 He was a prisoner under Nazi made to do things. He escaped when he got the chance. It's like saying people made to work in Nazis labor camps are working with the Nazis. None of the right-wing uneducated crowd knows how to read. Or understand
@@RonaldMcDonald6969 yeah, he profited by calling the bluff of the government. You think all the people sent to gulag were also working for Stalin. This is what happens when American education goes to shit.
