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>> It was Soros who generated the run on the British Pound somewhere in 1990/1991.
(I was also part of the herd.)
Soros and the pound - actually nearer to September 1992 I think. The events in
Fall 1992 will be a time few of us will forget.....a story for another posting.
Soros, nor any group of speculators can be blamed for what has happend in Asia.
Speculators merely saw an opportunity where a number of market parameters were
overpriced - and they jumped on it. If you spotted a mispricing in a particular
option on T-bonds, would you hesitate in exploiting it? Even if it the guy on the
other end of the trade would clearly lose money by trading with you? Our job or
our livelyhood rests on our ability to exploit market opportunities. Don't get me
wrong; I am not saying we should exploit others for personal gain -there is a line
that must be drawn somewhere, but what I am saying is that speculators have not
crossed that line by pressuring asian financial instruments in the way that they
did and continue to do.
What happended and continues to develop in many regions of the world would have
happened with or without the help of speculators -it just would have taken longer
and the ramifications would have been deeper and far more complex.
Greeenspan noted in early 1995 something along the lines of:
"The new world of financial trading can punish policy misalignments with amazing
alacrity. This is a lesson repeated time and again, taught most recently by the
breakdown of the EMS in 1992 and the plunge in the value of the Mexican Peso in
1994....In the process of pursuing their domestic objectives, central banks cannot
be indifferent to the signals coming from international financial markets.
Although markets can be harsh teachers at times, the constraints that they impose
discipline our policy choices and remind us every day of our longer run
responsibilities".
Many governemts and so called capitalists should have taken note and learned from
previous boom-bust cycles.
E.
Rajesh wrote:
> True no one person controls any market. But Soros seems to be the one pricking
> the balloon. It was Soros who generated the run on the British Pound somewhere
> in 1990/1991. (I was also part of the herd.)
> I also agree that most of his sprints are short lived, but that is besides the
> point. He has enough followers to create PANIC in markets and psyche people,
> since most people tend to give his voice weightage people react as a herd.,
> after all the markets, TA is just mass psychology no ?I consider him like an
> Insider trader of currencies, something to that effect.
>
> With Soros īs mouth shut maybe the IMF would have handled any Asian crisis one
> at a time......That he is responsible for the Thai Bath run anyone who knows
> anything about Asia will confirm it for you.
>
> Lionel Issen wrote:
>
> > Rajesh:
> >
> > You are incorrect. No single person or group can control the markets. Back
> > in 1929 during the crash period when the markets were going up and down; it
> > was easier for a few wealthy individuals to try to control the market, but
> > they couldn't. For example: at one point John D. Rockefeller, then
> > considered the wealthiest person in the world, said that there were great
> > values in the market and that he and his son were buying Shell at 45. Shell
> > shares proceeded to fall to the lower 20's. The markets are much larger and
> > so it is much more difficult to control them now than it was then. Yes,
> > Soros has caused some currency panics, but weren't they short lived? Also,
> > Soros has lost many $ on wrong guesses.
> >
> > There were warnings for years about the fragility of the Asian economies and
> > their banking systems. Just dig out the financial papers and do some hard
> > work research or talk to a knowledgeable person.
> > -----Original Message-----
> > From: Rajesh <rajesh@xxxxxxxx>
> > To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
> > Date: Thursday, August 13, 1998 8:54 PM
> > Subject: Re: Politically and Socially Incorrect
> >
> > Soros is the real culprit of all the current problems (except for
> > zippergate).
> > Starting with Thailand, Indonesia etc Soros, as we are aware has a huge
> > following. It is not Sorosīs capital that frighten countries but the
> > followers
> > that jump in behind Soros. Soros talks and currencies walk.
> >
> > Blame it squarely on Soros.
> >
> > Guy Tann wrote:
> >
> > > What you really have to worry about is Russia dragging down the rest of
> > the
> > > European markets, especially Germany which has a large exposure to the
> > > Russian problem.
> > >
> > > This can spread throughout Europe and combined with the Asian problem
> > might
> > > mean that eventually it'll reach us here....
> > >
> > > Then we'll be looking for anybody to blame.
> > >
> > > -----Original Message-----
> > > From: owner-metastock@xxxxxxxxxxxxx
> > [mailto:owner-metastock@xxxxxxxxxxxxx]
> > > On Behalf Of Bill Saxon
> > > Sent: Thursday, August 13, 1998 8:24 AM
> > > To: Fasttrack EMail List; Metastock EMail List
> > > Subject: Politically and Socially Incorrect
> > >
> > > F* those Russians. <]:-(
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