George Soros
It’s time to mention the legend of our times -
George Soros.
Remarkable person with great influence, whose numerous
foundations will continue to pursue his mission for many years.
George Soros' most notable deal is with the start of his carrier. In 1992 he made a stroke in a way that the whole world could understand.
In the early 1990s, the Central Bank of England was part of the European Exchange Rate Mechanism. Its task is to prevent excessive fluctuations in the price of the British pound compared to other currencies in the mechanism. Although the bank pledges a 15% interest rate on its currency, the plummet of the British pound is inevitable. By September 16, 1992, Black Wednesday, Soros's fund had sold short more than $10 billion in pounds, profiting from the UK government's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or float its currency. In addition to his direct pressure on foreign exchange with his positions, Soros also exerts and public pressure. In each of his more significant media engagements, he predicted with great confidence a fall in the value of the pound attracting more large investors to this idea. An idea that brings him a profit of $ 1.1 billion for one night. Finally, the UK withdrew from the European Exchange Rate Mechanism, devaluating the pound.
However, George Soros is unlikely to be remembered just as "the man who broke the Bank of England." It is hard to list all charity initiatives through which he and his foundations are trying to make the world better.
George Soros has made his mark as an enormously successful speculator, wise enough to largely withdraw when still way ahead of the game. The bulk of his enormous winnings is now devoted to encouraging transitional and emerging nations to become "open societies," open not only in the sense of freedom of commerce but—more important—tolerant of new ideas and different modes of thinking and behavior.
George Soros' most notable deal is with the start of his carrier. In 1992 he made a stroke in a way that the whole world could understand.
In the early 1990s, the Central Bank of England was part of the European Exchange Rate Mechanism. Its task is to prevent excessive fluctuations in the price of the British pound compared to other currencies in the mechanism. Although the bank pledges a 15% interest rate on its currency, the plummet of the British pound is inevitable. By September 16, 1992, Black Wednesday, Soros's fund had sold short more than $10 billion in pounds, profiting from the UK government's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or float its currency. In addition to his direct pressure on foreign exchange with his positions, Soros also exerts and public pressure. In each of his more significant media engagements, he predicted with great confidence a fall in the value of the pound attracting more large investors to this idea. An idea that brings him a profit of $ 1.1 billion for one night. Finally, the UK withdrew from the European Exchange Rate Mechanism, devaluating the pound.
However, George Soros is unlikely to be remembered just as "the man who broke the Bank of England." It is hard to list all charity initiatives through which he and his foundations are trying to make the world better.
George Soros has made his mark as an enormously successful speculator, wise enough to largely withdraw when still way ahead of the game. The bulk of his enormous winnings is now devoted to encouraging transitional and emerging nations to become "open societies," open not only in the sense of freedom of commerce but—more important—tolerant of new ideas and different modes of thinking and behavior.
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